Hyperliquid has officially overtaken Solana in fully diluted valuation (FDV) of roughly $54.57, marking one of the biggest shifts in crypto market this year. The milestone comes as Hyperliquid continues dominating decentralized perpetual futures trading while most major altcoins still struggle far below their previous highs, Hype toke is just 2% away from its ATH price.
So, what’s driving Hyperliquid upwards? Let’s find out.
Hyperliquid Growth Accelerates Rapidly
According to Arkham data on May 21, HYPE reached a fully diluted valuation of roughly $54.57 billion while trading near $58. That slightly pushed it ahead of Solana’s FDV, which stood around $54.22 billion with solanq (SOL) trading near $86.36.
The FDV flip is drawing major attention because Hyperliquid’s circulating market cap remains far smaller than Solana’s.
HYPE currently has a circulating valuation near $13.28 billion based on roughly 238.39 million circulating tokens out of a maximum supply of 962.27 million.
Meanwhile, Solana has about 577.86 million circulating tokens from a total supply of nearly 626.75 million. The comparison highlights how aggressively traders are pricing future growth into Hyperliquid despite the project being significantly newer than Solana.
HYPE is also trading only about 2% below its all-time high near $59.30, while Solana still remains roughly 65% below its previous peak of $294 reached during the last bull cycle.
Revenue Is Becoming the New Crypto Battleground
Much of Hyperliquid’s momentum is now tied directly to protocol revenue growth. According to Bitwise CEO Hunter Horsley, Hyperliquid has already generated roughly $790.55 million in revenue, surpassing Solana at $532.34 million, Tron at $471.2 million, and even Ethereum at $425.56 million.
Horsley recently described Hyperliquid and Solana as leaders of a new crypto category called “revenue chains,” where user activity, fees, and trading demand drive long-term network value.
Hyperliquid’s trading ecosystem has expanded rapidly throughout 2025.The platform’s user base reportedly grew fourfold to around 1.4 million users, while daily trading volume briefly approached $32 billion. Total value locked also climbed toward $6 billion during peak growth periods.
Why Are Investors Choosing HYPE over Others?
Unlike many blockchain tokens, Hyperliquid directly channels trading fees back into its ecosystem through token buybacks, burns, and liquidity incentives.That model has strengthened the bullish case for HYPE as perpetual futures trading activity continues expanding across crypto markets.
Institutional attention is also growing.Bitwise CIO Matt Hougan recently called HYPE undervalued, while reports suggest Goldman Sachs has adjusted parts of its crypto exposure to include Hyperliquid-related investments.
Despite the strong momentum, analysts still warn about future token unlocks that could increase supply pressure on HYPE holders.
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