"Whether Hyperliquid eventually surpasses in market cap other tokens such as Solana and XRP remains to be seen," analysts said.

Hyperliquid's July perpetual volume hit $218 billion, exceeding the other seven leading DEXs combined. Price at $100 by December 31, 2026 at 17.5% YES.

After leading crypto ETF inflows in May and June, demand for Hyperliquid funds stalled in July and August as competition intensified, the bank said.