HYPE Overtakes DOGE: Hyperliquid Enters Top 10 Crypto Rankings

Hyperliquid’s native token, HYPE, has officially surpassed Dogecoin (DOGE) in global cryptocurrency rankings, claiming the 9th spot on CoinMarketCap after a sharp rally pushed its market capitalization to $16.03 billion. DOGE, long considered one of the strongest meme coins in the crypto market, slipped to 10th place with a valuation of $15.95 billion.

The milestone came as HYPE surged above $63, extending its impressive weekly gain of nearly 47%. The move highlights a growing divide between speculative meme-driven assets and fundamentally structured decentralized finance projects with automated tokenomics.

Unlike Dogecoin, which often depends on social media hype and celebrity-driven momentum, Hyperliquid’s growth is powered by a built-in DeFi buyback mechanism. Through its Assistance Fund, the protocol allocates 97% of all trading fees toward purchasing HYPE directly from the open market. The automated strategy has already generated more than $1.16 billion in token buybacks, creating constant demand pressure.

Institutional participation has also accelerated HYPE’s rise. Trading firms known as DATs have aggressively absorbed supply, with the PURR fund reportedly controlling nearly 10% of HYPE’s circulating supply through TWAP-based accumulation strategies. The fund also operates with a $1 billion credit facility, underlining strong institutional confidence in the project.

Further momentum arrived after spot ETFs from 21Shares and Bitwise attracted $57 million in weekly inflows, reinforcing Hyperliquid’s growing presence within traditional finance markets.

Despite losing its position, Dogecoin remains resilient. Whale wallets holding between 10 million and 100 million DOGE accumulated more than 525 million coins over the past week, helping establish solid support near the $0.10 level. Analysts believe DOGE still benefits from strong community loyalty and long-term retail investor backing, keeping the meme coin relevant despite HYPE’s rapid ascent in the crypto rankings.