Hyperliquid’s HYPE token has officially surpassed Dogecoin in market capitalization, securing a top-10 spot and marking a major victory for utility-driven assets over meme coins.

As of late May 2026, HYPE trades around $69, with a market cap hovering near $15.4 billion to $17 billion depending on intraday moves, briefly pushing it as high as #9. Dogecoin sits just behind at #11 with a nearly identical valuation.

HYPE Flips DOGE: Hyperliquid Enters Top 10 Crypto by Market Cap

Hyperliquid operates a high-performance Layer-1 blockchain optimized for decentralized perpetual futures and spot trading.

It delivers sub-second finality, an on-chain central limit order book,…