Hyperliquid's fully diluted valuation has reached roughly $49.7B, surpassing Solana's FDV as HYPE token trades near $55 with a $12.3B market cap.

Bitwise CIO Matt Hougan said Hyperliquid is undervalued as HYPE gains 77% this year and its buyback model drives value.

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.