HYPE Rises 70% in May, Tops Dogecoin After Grayscale Deal

HYPE surged to a record $74.04 as the token’s market capitalization climbed above $16 billion, moving Hyperliquid past Dogecoin into the No. 10 spot by market cap. The price jump capped a monthly gain of roughly 70 percent.

The token approached $70 on May 31, then slipped to $67.56 before recovering and launching a rally that added more than 8 percent in 24 hours. The move extended HYPE’s weekly gain to about 14 percent.

Derivatives and on-chain data show significant liquidations during the latest 24-hour window. Approximately $18 million in short positions were wiped out, compared with about $2.4 million in long liquidations, reflecting concentrated flows in leveraged markets.

Grayscale is structuring a private placement with Hyper Holdings Global LP to acquire a 2 million HYPE position via an ETF share swap, and has renamed the vehicle the Grayscale Hyperliquid Staking ETF to target native on-chain staking yield. Market participants point to that private placement and the ETF repositioning as primary factors behind recent price discovery.

Hyperliquid began as a decentralized derivatives protocol and has expanded its products and institutional links in recent months. The platform has formed partnerships with centralized venues, including a strategic relationship with Coinbase, as it develops trading infrastructure aimed at larger-market participants.

Some traders and analysts have raised caution about the token’s rapid rise, noting the steep price action and concentrated liquidation events. They warn that late retail buyers could face heightened short-term risk if the market shifts.