Hyperliquid HYPE▼$68.25 reached a new all-time high, pushing the perpetual DEX token past Dogecoin by market capitalization.
Hyperliquid‘s HYPE token refreshed its highs and set a new record, soaring above $72 and pushing the perpetual DEX token past Dogecoin by market capitalization.
Data from Bitcoin Foundation’s price tracking page shows HYPE trades at $72.5, with a market cap of about $16.3 billion and 24-hour trading volume of about $1.5 billion, surpassing Dogecoin’s market cap of about $15.4 billion.
Read also: Hyperliquid ETFs Pull Nearly $75M as Funds Rotate From ETH, SOL
Hyperliquid HYPE Enters Top-10 By Weekly Gain
That puts HYPE roughly $924 million ahead of Dogecoin, making Hyperliquid the 10th-largest token by market capitalization. On the weekly frame, HYPE is also in the top-10 gainers with over 18% gain.
Still, the ranking can change quickly. HYPE’s lead over Dogecoin is less than $1 billion, which means a move in either token could reverse the order.
As HYPE’s price set a new ATH, the token entered price discovery, with traders on Polymarket putting the odds of HYPE hitting $100 at about 57%, with about $304,000 in volume betting on that price as of press time.
The price rally comes just a few days after Jeffrey Sprecher, CEO of Intercontinental Exchange, the company behind the New York Stock Exchange, said Hyperliquid has become too big for traditional exchanges to ignore.
Speaking at Bernstein’s 42nd Annual Strategic Decisions Conference on May 27, Sprecher said Hyperliquid had drawn attention in energy markets since it allows trading when traditional oil markets are closed.
Read more: Hyperliquid Launches Prediction Markets With Validators Instead of Oracles
