Hyperliquid's HYPE overtakes Solana in price as SOL falls to lowest levels since 2023

HYPE rises to 10th by market cap, signaling a new era for Hyperliquid

HYPE hit top 10 by market cap ($15–18.5B) backed by $1.16B in real protocol revenue and systematic token buybacks, with $190B in monthly trading volume representing ~4% of the global perpetuals market. Grayscale and Bitwise coverage signals institutional interest in on-chain perpetuals infrastructure as a viable derivatives and hedging layer.