Hyperliquid's HYPE token has officially flipped Dogecoin, cracking the top 10 cryptocurrencies by market capitalization. HYPE was trading around $69 late May 2026, with a market cap oscillating between $15.4 billion and $17 billion depending on intraday moves.
The rally underscores a broader shift toward utility-driven assets, with HYPE benefiting from growing participation and rising confidence. Former BitMEX CEO Arthur Hayes has set a $150 price target for the token, fueling speculative interest.
The move marks a symbolic victory for decentralized exchange infrastructure over meme coins. As HYPE consolidates its top-10 position, attention turns to whether it can sustain momentum amid a broader market testing key support levels.
Some analysts caution that the rally may be overextended, noting that HYPE's rapid ascent leaves it vulnerable to profit-taking. The token's ability to hold above $70 in the near term will be a critical test of its new standing.