#HYPE市值超越DOGE Yes—based on the latest data as of May 25, 2026, Hyperliquid’s native token HYPE has officially surpassed Dogecoin (DOGE) in market capitalization.

According to CoinMarketCap data, this historic “major reversal” happened on the morning of May 25. The market caps of the two are currently very close:

· HYPE: Price around $62.42; market cap temporarily reported at $15.86 billion; ranking rises to 9th place.
· DOGE: Market cap temporarily reported at $15.832 billion; ranking falls to 10th place.

This time, the market cap overtake is not just a switch in numerical rankings—it’s also widely interpreted as a phased win of value investing over emotion-driven speculation. The core logic behind it is as follows:

· HYPE: Driven by real revenue (“value-oriented”): built on Hyperliquid’s decentralized exchange, its treasury uses trading fees to conduct open-market buybacks of HYPE. This “real money” buyback mechanism provides tangible support, rather than relying solely on community sentiment to pump the price.
· DOGE: Driven by meme culture (“emotion-oriented”): mainly relies on strong community consensus and celebrity call-outs (such as Elon Musk). It lacks a comparable hard-core value-capture mechanism, so price fluctuations often move with market hype.

In addition, the influx of institutional capital is also a key driving factor. Recently, HYPE spot ETFs launched by institutions such as Bitwise and 21Shares have continued to record net inflows, and Grayscale funds have also been found to have increased their holdings by more than 680,000 HYPE over the past week. These entries from traditional finance have provided solid buy-side support for HYPE.

⚠️ Risk Warning
It’s worth noting that the current market cap gap between the two is only about $30 million (very small), so rankings may reverse at any time. More importantly, after HYPE’s price hit a new high recently, it has entered an overbought zone; in the short term, there is downward pullback pressure, so be cautious when chasing the top.

Does this change in ranking mean the market style has fully switched? If you’re interested in the “revenue buyback” mechanism behind HYPE or the current state of DOGE’s community development, tell me—I can share further insights for you.