Hyperliquid (HYPE) entered the top 10 cryptocurrencies by market capitalization on June 1, 2026, surpassing the original meme coin Dogecoin (DOGE) with a valuation exceeding $16 billion.
CoinGecko reported that Hyperliquid’s ascent made HYPE only the second purely decentralized finance (DeFi) protocol to reach the top 10, following Uniswap’s appearance in 2021 during the post-2020 “DeFi Summer” bull market.
HYPE Enters Crypto Top 10
According to CoinGecko, Hyperliquid’s rise was driven in part by stronger relative performance versus the broader crypto market, allowing it to remain in an uptrend even as many assets declined during the 2026 bear market.
HYPE has been one of the market’s top performers in recent weeks, supported by notable price gains and growing community engagement. The token rallied to a record high above $73, prompting heightened discussion and positive sentiment across X, Reddit, Telegram, and other crypto forums.
After a subsequent pullback, HYPE settled near $65, but market observers say the correction has not significantly undermined the bullish outlook. Community interest and on-chain activity have continued to signal solid support for the project.
Zooming Out
Bitcoin has remained the largest cryptocurrency by market capitalization every year since 2014, though its dominance has softened over time. In June 2014, Bitcoin represented 87% of the combined market cap of the top 10 cryptos; by June 2026 that share had declined to 64.9%, a drop of 22.1 percentage points over twelve years.
Despite the reduction, CoinGecko noted that no other asset has come close to challenging Bitcoin’s overall leadership.
The report also highlighted Ethereum’s 2016 arrival as the most consequential structural change to the top 10. Ethereum entered directly at second place with an 11.1% share and established a persistent two-asset core alongside Bitcoin. Ethereum’s share later peaked at 23.5% during the 2021 DeFi and NFT boom, then eased to 10.6% by 2026 as competing Layer 1 blockchains captured more market share.
Ripple (XRP) was singled out as the only non-Bitcoin asset to remain in the top 10 every year from 2014 through 2026. XRP grew from a $32 million valuation and a 0.3% share in 2014 to $127.9 billion and a 4.3% share by 2025, maintaining a consistent presence among the largest cryptocurrencies.