Hyperliquid’s HYPE token has narrowly overtaken Dogecoin by market capitalization on CoinMarketCap. The move came after HYPE pushed to a fresh all-time high above $64 on May 24, while Dogecoin remained near $0.10.
The margin is thin, and rankings remain sensitive to price feeds and circulating-supply methodology. CoinMarketCap data showed Hyperliquid with a market capitalization of about $16.03 billion, 24-hour volume of $1.11 billion, an FDV near $60.08 billion and a circulating supply of 254.07 million HYPE. Dogecoin, by comparison, was listed with a live market cap of about $15.87 billion, 24-hour volume of roughly $591.7 million and a circulating supply of 154.38 billion DOGE.
How Hyperliquid Was Able To Overtake DogecoinThat makes the flip less a clean knockout than a live-market crossing. Still, the optics are difficult to ignore. Dogecoin has long been the benchmark for meme-asset durability, surviving several market cycles on brand, community and reflexive attention. Hyperliquid’s ascent reflects a different market preference: tokens attached to venues with visible usage, fee generation and direct value-accrual narratives.
That fee loop is central to how traders have framed HYPE. The token’s rally is not only a bet on exchange volumes; it is also a bet that those volumes keep translating into persistent open-market demand.
That makes the contrast with HYPE difficult to miss: DOGE remains one of crypto’s most liquid cultural assets, but its ETF demand has been comparatively muted; HYPE’s rise has been tied to exchange revenue, derivatives activity, buybacks and a faster-building institutional wrapper bid.
With HYPE now above Dogecoin, the next major target is TRON, ranked No. 8 by market capitalization. Based on TRON’s roughly $34.71 billion market cap and Hyperliquid’s 254.07 million HYPE circulating supply, HYPE would need to trade near $136 to match TRON’s valuation.
At press time, HYPE traded at $63.572.
