What happened to Hyperliquid (CRYPTO:HYPE) after its latest rally?

Hyperliquid’s HYPE token hit a new record high after rising above $70 and reaching $74.04. The move pushed HYPE’s market value above $16 billion and helped it overtake Dogecoin by market capitalisation. The rally stood out because it happened while the broader crypto market showed weaker momentum.

Why did Hyperliquid (CRYPTO:HYPE) overtake Dogecoin (CRYPTO:DOGE) in market capitalisation?

Hyperliquid overtook Dogecoin because HYPE’s price surged sharply, lifting its total market value above $16 billion. The token gained more than 8% in 24 hours and finished May with gains of more than 70%. Dogecoin did not match that pace, allowing HYPE to move ahead in the rankings.

How much did Hyperliquid (CRYPTO:HYPE) gain in May?

Hyperliquid’s HYPE token gained more than 70% in May, based on the article. The rally continued into June as the token broke above $70 and reached $74.04. That strong run helped HYPE move near the top 10 crypto assets by market capitalisation.

Why are traders watching the $70 level for Hyperliquid (CRYPTO:HYPE)?

Traders are watching the $70 level because HYPE recently broke above it and turned it into a key short-term price area. If HYPE stays above $70, bulls may see it as a sign of continued demand. If the token falls below that level, traders may expect profit-taking or a pullback towards earlier support.

What role did short liquidations play in the Hyperliquid (CRYPTO:HYPE) rally?

The HYPE rally caused more than $18 million in short positions to be liquidated within 24 hours. That means traders who bet against HYPE were forced out as the price moved higher. Long liquidations were much smaller at nearly $2.4 million, showing that bearish traders took the bigger hit.

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Hyperliquid flips Dogecoin as HYPE rally gains momentum

Written by Heidi Cuthbert Published Jun. 1 2026

Hyperliquid’s HYPE token rose to a new record high after breaking above $70 and touching $74.04 during its latest rally.

The surge pushed HYPE’s market value above $16 billion and moved it ahead of Dogecoin among the largest crypto assets.

Market data showed that HYPE climbed even as the wider crypto market faced weaker conditions.

The move placed HYPE near the top 10 digital assets by market capitalisation after a strong run through May.

HYPE had nearly reached $70 on 31 May before a short pullback dragged the token down to $67.56.

The token later recovered and moved back towards the upper $60 range before another rally carried it past $74.

The latest move gave HYPE an increase of more than 8% over 24 hours.

The token also recorded a weekly gain of about 14%, adding to a broader rally that lifted it by more than 70% in May.

The sharp price increase triggered heavy losses for bearish traders who had bet against the token.

More than $18 million in short positions linked to HYPE were liquidated within 24 hours.

Long liquidations were much smaller, reaching nearly $2.4 million over the same period.

Analysts linked the rally to rising expectations around deeper institutional interest in the Hyperliquid ecosystem.

Reports suggested that Grayscale was preparing a private placement with Hyper Holdings Global LP tied to a two-million HYPE token position.

The reported structure involved an exchange-traded fund share swap, which added to speculation about fresh institutional demand.

Grayscale has also renamed its investment product as the Grayscale Hyperliquid Staking ETF.

The move appeared to target professional investors seeking exposure to native on-chain yield.

Market watchers said the Grayscale development added weight to Hyperliquid’s shift from a decentralised perpetuals platform into a broader trading infrastructure play.

Hyperliquid’s reported alignment with Coinbase also strengthened the view that the platform was gaining a larger role in institutional crypto markets.

Supporters argued that HYPE’s recent rally reflected more than short-term hype, pointing instead to stronger adoption and market positioning.

However, some traders warned that the token’s near-vertical climb carried major risk.

Sceptics said the rapid price action resembled speculative bubble behaviour and could punish late retail buyers.

They argued that traders chasing the rally may face sharp losses if early holders begin taking profits.

HYPE’s next test will likely depend on whether buying demand can hold after the latest record high.

Traders are now watching whether the token can defend the $70 area or whether profit-taking will pull it back towards earlier support levels.

At the time of reporting, Hyperliquid price was $72.95.