Hyperliquid has entered crypto's top 10 by market capitalization after HYPE overtook Dogecoin, turning a decentralized perpetual futures exchange token into one of the market's largest assets.
HYPE, the token tied to Hyperliquid, a market capitalization of about $15.4 billion on CoinGecko, ranking as the 10th largest cryptocurrency. As of press time, HYPE trades at $69.3, up 2% on the day, the data shows.
Chart showing Hyperliquid flipping Dogecoin. Source: CoinGecko
The latest update pushed HYPE above Dogecoin, the memecoin launched in 2013 that has long sat near the top of crypto market rankings.
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Hyperliquid has become one of the largest venues for crypto perpetual futures, the contracts that let traders bet on asset prices without a fixed expiry date.
- HYPE is the only top-10 token tied primarily to a decentralized perpetual futures crypto exchange.
- It's also the second exchange-linked token in the group after BNB, the Binance-linked token ranked fourth on CoinGecko with a market cap above $95 billion.
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