What happened?
Hyperliquid’s $HYPE token skyrocketed by 300% to reach $37 on May 23, following a major rally from its lows in April. The token has surged over 1,044% year-to-date, making it one of the top-performing cryptocurrencies of 2025. The dramatic rise has fueled speculation that Hyperliquid might disrupt the top five cryptos, similar to the impact Solana had in previous years.
Who does this affect?
The primary beneficiaries of this surge are long-term investors, whales, and those who received the initial $HYPE airdrop. The airdrop, which distributed over 310 million tokens, is now valued at more than $11 billion, marking it as one of the largest in crypto history. Additionally, active community members and traders who capitalized on the price movements are also affected by these developments.
Why does this matter?
The rise of Hyperliquid could significantly impact the crypto market by introducing a strong competitor capable of reshaping on-chain U.S. equities trading. Experts suggest that if Hyperliquid continues gaining momentum, it might rival established platforms like Solana, potentially becoming a leading project with a market cap between $100 billion to $500 billion. This competition could redefine capital markets and benefit investors looking for new opportunities in emerging blockchain technologies.