[Digital Today reporter Yoonseo Lee] Hyperliquid's token HYPE extended a run of record highs to reach a market value of $16 billion, overtaking Dogecoin (DOGE) to rank ninth among cryptocurrencies by market capitalisation.

The Crypto Basic, a blockchain outlet, reported on May 25 that HYPE gained about 27 percent in the past week and about 50 percent over a month. It rose from below $38 to a peak near $64. The market sees the surge as reflecting not just a price rally but also expanded trading in Hyperliquid and changes in the token supply-demand structure.

XRP and Bitcoin (BTC) were cited as direct comparisons. Market analyst Wise Advice said HYPE's current value may still be undervalued compared with major cryptocurrencies. He estimated that if HYPE reached the same market capitalisation as XRP it could be about $353, and about $6,454 if it were aligned with Bitcoin's market capitalisation.

He said the market is underestimating the long-term growth potential of perpetual futures trading. He said many investors still view the long-term potential of perpetual futures trading as low, and questioned whether the market has yet fully priced in how big decentralised perpetual futures platforms could become.

Hyperliquid's buyback structure is also cited as a factor supporting price strength. Hyperliquid uses 97 to 99 percent of trading fee revenue to repurchase HYPE, and total buybacks to date have exceeded $1.16 billion. Rising trading volume leads to higher fee revenue, which in turn feeds buying pressure for the token.

Expectations of a reduction in circulating supply have also added to the momentum. A validator proposal put forward in December 2025 included burning tokens worth about $1 billion held in a support fund that cannot be accessed within the protocol. If the proposal passes, circulating supply could be permanently reduced. The market is focusing on the possibility that lower supply could increase scarcity.

Against this backdrop, HYPE has recently shown relatively strong gains even during periods when other major cryptocurrencies have stalled. Market participants say upward pressure could continue if platform growth, active trading and ongoing buybacks reinforce one another.

Still, these estimates are less a forecast that HYPE will actually reach those prices than simple conversions based on an assumed equal market capitalisation. To be valued at a level comparable with XRP or Bitcoin, not only trading volume but also earnings sustainability, the user base and the token supply-demand structure would need to be maintained over the long term. The market is therefore focusing more on how long Hyperliquid can sustain its current trading share and profitability than on HYPE's short-term price rise.

If $HYPE reached the market cap of:$DOGE → $66$TRX → $144$SOL → $209$XRP → $353$BNB → $371$ETH → $1,072$BTC → $6,454 Would you still say Hyperliquid is “overvalued”? Or is the market still massively underpricing how big perpetual trading could become?