EL7.AI
CryptoUpdated•Originally published 31 May 2026•Updated 1 June 2026•
1 min read

HYPE Overtakes Dogecoin to Enter Top 10 Cryptocurrencies by Market Cap

Key Facts

1HYPE, the native token of the Hyperliquid protocol, has surpassed Dogecoin in market capitalization.
2HYPE has officially entered the top 10 cryptocurrencies by total valuation.

In a move reflecting the rapid ascent of decentralized exchange protocols, HYPE, the native token of Hyperliquid, has successfully surpassed Dogecoin in total market capitalization. According to reports, HYPE has officially entered the top 10 cryptocurrencies by valuation, marking a significant milestone in the digital asset hierarchy. This achievement is driven by strong market momentum and intensifying investor interest in the Hyperliquid protocol's decentralized trading ecosystem.

This flip signals a shift in trader appetite from meme-based assets like Dogecoin toward utility-driven protocols within the DeFi sector. While Bitcoin and Ethereum maintain their dominant leads, HYPE's entry into the top 10 places it in direct competition with major assets such as Solana and XRP per market data. Analysts note that Hyperliquid's valuation has benefited significantly from the growing trading volumes on its decentralized perpetual exchange.

Traders should monitor liquidity levels following this record surge, with HYPE trading at elevated levels as of May 31, 2026. Looking ahead, sentiment for high-risk assets may be influenced by upcoming US inflation data, specifically the Core PCE Price Index, which remains a critical catalyst for broader crypto market liquidity and risk-on sentiment.