The HYPE token, native to the Hyperliquid decentralized perpetual exchange, has overtaken Dogecoin (DOGE) by market capitalization, securing the ninth position among cryptocurrencies. According to CoinMarketCap, HYPE’s market cap reached $15.86 billion, slightly above DOGE’s $15.83 billion, marking a shift driven by rising trading volume and user adoption on the Hyperliquid layer-1 blockchain. The flip, occurring in early trading hours with a margin of roughly $30 million, highlights a growing preference for utility-focused tokens over legacy meme coins.
However, on-chain data from Lookonchain reveals significant profit-taking by a whale wallet (0x632B), which sold 151,574 HYPE tokens worth $9.25 million on May 25. The same entity has placed limit sell orders for an additional 170,000 HYPE ($10.58 million) at prices between $63.45 and $70.55, indicating a calculated exit strategy. This movement introduces a cautious note, as large sell walls may create resistance and temper further upside.
The development underscores the fluid nature of crypto market cap rankings and serves as a reminder that even amidst bullish sentiment, large holders may lock in gains. For traders, monitoring on-chain activity remains critical. Whether HYPE can maintain its lead over Dogecoin will depend on continued platform activity and broader market trends, with the narrow gap suggesting potential volatility ahead.
