Hyperliquid (HYPE) Just Did What Only One DeFi Token Had Done Before: CoinGecko
Hyperliquid (HYPE) entered the top 10 cryptocurrencies by market capitalization on June 1st, after surpassing the OG meme coin, Dogecoin (DOGE), with a valuation of over $16 billion.
According to a report by CoinGecko, this development made HYPE only the second pure decentralized finance (DeFi) protocol to reach the top 10, after Uniswap achieved the feat in 2021 during the crypto bull market that followed the 2020 “DeFi Summer.”
HYPE Enters Crypto Top 10
CoinGecko said Hyperliquid’s rise was partly supported by its stronger performance compared with the broader crypto market, allowing it to establish itself as one of the few digital assets that remained in an uptrend during the 2026 bear market.
HYPE has been one of the strongest performers in the crypto market in recent weeks, as it witnessed both price action and increased community interest. As the token rallied to a record high above $73, discussions and positive sentiment around the project surged across X, Reddit, Telegram, and other crypto communities.
Although HYPE has since settled near the $65 level amid a broader market pullback, enthusiasm surrounding the token remains strong. According to market observers, the recent correction has done little to weaken the overall bullish outlook.
Zooming Out
Bitcoin has remained the largest crypto by market cap every single year since 2014, but its “grip has loosened slightly” over the past decade. Bitcoin accounted for 87% of the combined market cap of the top 10 cryptos back in June 2014, compared with 64.9% in June 2026, a decline of 22.1 percentage points over 12 years.
Despite this, CoinGecko said no other asset has come close to challenging its overall dominance.
The report also pointed to Ethereum’s arrival in 2016 as the “single most consequential structural shift” in the top 10’s makeup. Entering directly at second place with an 11.1% share, Ethereum formed a long-standing two-asset core alongside Bitcoin. Its share later peaked at 23.5% during the 2021 DeFi and NFT boom before easing to 10.6% by 2026 as competing Layer 1 blockchains gained a larger presence.
Meanwhile, Ripple (XRP) stood out as the only non-Bitcoin cryptocurrency to remain in the top 10 every single year from 2014 through 2026, as it expanded from a $32 million valuation and a 0.3% share in 2014 to $127.9 billion and a 4.3% share by 2025.
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