Hyperliquid's HYPE Surpasses Dogecoin in Market Cap

Hyperliquid's HYPE has overtaken Dogecoin to become one of the top ten cryptocurrencies by market capitalization. According to NS3.AI, 21Shares launched the first U.S. spot HYPE ETF on Nasdaq in May 2026, with Bitwise following suit on the NYSE shortly after. The protocol has generated over $1.16 billion in cumulative revenue and has burned approximately 45 million HYPE, valued at around $2.2 billion. On May 29, 2026, the CFTC approved Kalshi's BTCPERP and provided guidance on perpetual contracts.