[DigitalToday reporter Yoonseo Lee] Hyperliquid’s token HYPE has hit a new record high and risen to the ninth-largest cryptocurrency by market capitalisation, overtaking Dogecoin. Market analytics firm Santiment said optimistic sentiment on social media is running ahead of actual market conditions and warned investors to guard against overheating.

The Crypto Basic, a blockchain media outlet, reported on May 25 that the core issue is crowd psychology rather than the price rise itself. Santiment first pointed to a sharp increase on X, formerly Twitter, in accounts treating HYPE reaching $250 as a foregone conclusion.

It urged investors not to accept key price targets as a “guaranteed outcome” and to distinguish between actual market fundamentals and temporary FOMO, or fear-driven buying. It also said the cryptocurrency market often punishes excessive crowd conviction during euphoric phases.

Santiment founder Maksim Balashevich (막심 발라셰비치) recently pointed out on X that HYPE-related accounts are confidently pitching the possibility of $250. But Hyperliquid is currently hovering around $64. To reach the $250 being discussed, it would need an additional rise of about 290 percent from here.

On-chain and social data showed a more balanced picture than extreme optimism. Santiment’s tally showed social media mentions of HYPE peaked at about 1,300 on May 21, nearly 7 times the previous month’s daily average. Social activity then fell by about 70 percent.

Even after the social buzz cooled, Hyperliquid’s price continued to rise. HYPE then gained an additional 9 percent, while the “crowd conviction” cited by Santiment fell by about 72 percent. “The crowd already moved, and the price is still moving,” Balashevich said, explaining that the data shows shifts in market sentiment rather than whether a price target will be reached.

Market momentum was also strong. CoinMarketCap data showed Hyperliquid has been among the top-performing major cryptocurrencies in recent weeks. While many other cryptocurrencies posted weak moves, HYPE has risen more than 50 percent over the past month, repeatedly setting record highs. The price climbed from below $38 to around $64.

Its market value swelled to about $16 billion, surpassing Dogecoin. That put Hyperliquid in ninth place by market capitalisation. Even as the strong uptrend continues, the market’s focus is shifting more toward whether the rally’s momentum can be sustained than toward price targets.

In this situation, some analysts see HYPE as potentially still undervalued if momentum in the Hyperliquid ecosystem holds. Santiment, however, warned that excessive conviction could be priced in first and later become a burden. In the near term, the key points to watch are whether the price trend continues after social overheating eases, and whether expectations of $250 translate into actual supply-demand dynamics and fundamentals.

X/Twitter is full of $HYPE profiles calling $250 as if it’s a scheduled delivery. The token is currently at ~$64. The data tells a more nuanced story. $HYPE has rallied ~54% in 30 days, from ~$41 to ~$64. Social volume peaked at ~1,300 mentions on May 21, roughly 7×… pic.twitter.com/EZiNsTj2e4