Hyperliquid Joins Elite DeFi Ranks on CoinGecko

Hyperliquid Joins Elite Crypto Ranks, Overtaking Dogecoin

Hyperliquid (HYPE), a decentralized finance (DeFi) protocol, has surged into the top 10 cryptocurrencies by market capitalization, surpassing the established meme coin Dogecoin (DOGE) with a valuation exceeding $16 billion as of June 1st.

This significant development, highlighted in a CoinGecko report, marks Hyperliquid as only the second pure DeFi protocol to achieve a top 10 ranking. The first was Uniswap, which reached this milestone in 2021 during the cryptocurrency bull market that followed the “DeFi Summer” of 2020.

CoinGecko attributes Hyperliquid’s ascent, in part, to its robust performance relative to the broader crypto market. This resilience allowed HYPE to maintain an upward trend even during the 2026 bear market, distinguishing it as one of the few digital assets to do so.

In recent weeks, HYPE has demonstrated exceptional strength, characterized by both significant price appreciation and heightened community engagement. The token’s rally to a record high above $73 fueled a surge in discussions and positive sentiment across platforms like X, Reddit, and Telegram.

While HYPE has since stabilized around the $65 mark amid a general market pullback, the enthusiasm surrounding the token remains palpable. Market observers suggest that the recent correction has had minimal impact on the overall bullish outlook for Hyperliquid.

Bitcoin’s Shifting Dominance and Ethereum’s Impact

Bitcoin has consistently held the top spot in cryptocurrency market capitalization since 2014. However, its dominance has seen a gradual decline over the past decade. In June 2014, Bitcoin represented 87% of the combined market cap of the top 10 cryptocurrencies. By June 2026, this figure had fallen to 64.9%, a decrease of 22.1 percentage points over 12 years. Despite this shift, CoinGecko notes that no other asset has come close to challenging Bitcoin’s overall market leadership.

The report identifies Ethereum’s introduction in 2016 as the “single most consequential structural shift” within the top 10. Launching directly into second place with an 11.1% share, Ethereum established a long-standing two-asset core alongside Bitcoin. Its market share peaked at 23.5% during the 2021 DeFi and NFT boom before settling at 10.6% by 2026, as competing Layer 1 blockchains gained prominence.

Meanwhile, Ripple (XRP) stands out as the sole cryptocurrency, other than Bitcoin, to have consistently remained in the top 10 from 2014 through 2026. XRP’s valuation grew from $32 million with a 0.3% share in 2014 to $127.9 billion with a 4.3% share by 2025.