On May 21, Hyperliquid's fully diluted valuation officially surpassed Solana.
HYPE's final valuation reached $54.57 billion, while Solana's final valuation neared $54.22 billion.
Hyperliquid generated approximately $790 million in revenue and recently outperformed Solana, Tron, and even Ethereum.
Hyperliquid's fully diluted valuation (FDV) has officially surpassed Solana, reaching approximately $54.57 billion, marking one of the most significant shifts in the cryptocurrency market this year. This milestone comes as Hyperliquid continues to dominate decentralized perpetual futures trading, while most major altcoins remain far below their previous peaks, with the HYPE token just 2% away from its all-time high.
So, what is driving the price increase of Hyperliquid? Let’s find out.
Super liquidity growth accelerates
According to Arkham data as of May 21, HYPE's fully diluted valuation is approximately $54.57 billion, trading near $58. This slightly surpasses Solana's fully diluted valuation of approximately $54.22 billion, with Solana (SOL) trading near $86.36.
Hyperliquid has sold Solana to FDV.pic.twitter.com/rDF5FRg4TK
— Arkm (@arkham)May 21, 2026
The flip of the FDV has attracted significant attention, as Hyperliquid's circulating market cap remains much smaller than Solana's.
HYPE's current circulating market cap is approximately $13.28 billion, based on around 238.39 million circulating tokens (maximum supply of 962.27 million).
Meanwhile, Solana’s circulating supply is approximately 577.86 million tokens, with a total supply nearing 626.75 million. This contrast highlights how high traders’ expectations are for Hyperliquid’s future growth, despite Hyperliquid being a much later project than Solana.
HYPE is currently trading only about 2% below its all-time high of $59.30, while Solana remains about 65% below its peak of $294 reached during the previous bull cycle.
Revenue is becoming the new battleground in the cryptocurrency space.
Hyperliquid's momentum stems largely from the growth in its protocol revenue. According to Hunter Horsley, CEO of Bitwise, Hyperliquid's current revenue has reached approximately $790.55 million, surpassing Solana's $532.34 million, Tron's $471.2 million, and even Ethereum's $425.56 million.
Horsley recently described Hyperliquid and Solana as leaders in a new cryptocurrency category called "revenue chains," where user activity, fees, and transaction demand drive long-term network value.
Hyperliquid's trading ecosystem experienced rapid expansion in 2025. The platform's user base reportedly quadrupled to approximately 1.4 million users, with daily trading volume briefly nearing $32 billion. At its peak growth, total value locked also rose to nearly $6 billion.
Why do investors choose HYPE over other companies?
Unlike many blockchain tokens, Hyperliquid channels trading fees directly back into its ecosystem through token buybacks, burns, and liquidity incentives. As perpetual futures trading activity continues to expand in the cryptocurrency market, this model further strengthens the bullish outlook for HYPE.
Institutional investors are increasingly paying attention to cryptocurrencies. Matt Hougan, Chief Investment Officer at Bitwise, recently stated that HYPE is undervalued, and reports indicate that Goldman Sachs has adjusted part of its cryptocurrency portfolio to include investments related to high liquidity.
Despite strong momentum, analysts still warn that future token unlocks could increase supply pressure on HYPE holders.