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Messari: HYPE's circulating market cap reaches $15.9 billion, still over 35% below UNI's all-time peak

WuSaidBlockchainW
Wu said that according to Messari analysis, although HYPE's circulating market cap has reached $15.9 billion, it is still over 35% below UNI's peak circulating market cap of $22.5 billion set in May 2021. Additionally, Syncracy Capital co-founder Daniel Cheung stated that Hyperliquid's true valuation might be closer to a $30 billion circulating market cap, with profitability potentially 3 to 4 times that of platforms like HOOD and IBKR.
HYPE-6.72%
UNI-2.40%
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GateUser-53a6e1a8
· 10h ago
Is the gap between circulating market value and FDV large? If the unlocking pressure is low, 30 billion isn't just wishful thinking.
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There'sABullMarketInTheGlass.
· 10h ago
HYPE's valuation narrative is fully inflated; if the 30 billion circulating market cap truly materializes, the DeFi derivatives track will be reshuffled.
View OriginalReply0
GateUser-2eca626f
· 10h ago
Daniel Cheung’s “3-4x profitability” refers to performance relative to HOOD and Interactive Brokers—yes, that does sound a bit exaggerated, but perpetual contract fee rates are definitely attractive.
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GateUser-7e77b8d8
· 10h ago
Messari’s comparison is interesting: UNI peaked at 22.5 billion, HYPE is currently 15.9 billion—but Hyperliquid’s earning power absolutely crushes traditional brokerages.
View OriginalReply0

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