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Hyperliquid’s FDV surpasses Solana—you heard that right.
Today’s information is a bit heavy:
Grayscale’s associated addresses have been snapping up 510k HYPE in a week, worth $24.95 million, all staked. Don’t forget that Grayscale already submitted an S-1 application for a HYPE ETF this January.
HYPE is priced at $56.2, and its FDV is $54.1 billion—officially surpassing Solana’s $54.08 billion.
This isn’t a meme narrative—this is a chain talking with products: Hyperliquid’s daily trading volume has long been at the top of the charts, and there’s no competitor in the on-chain derivatives track.
Grayscale buying + ETF expectations + FDV exceeding SOL = an institutional-level narrative is starting to take shape.
The last one to walk this road was SOL, from $8 to $250.
$HYPE ’s story might be just getting started.