HYPE price officially surpasses SOL

Odaily reports that on Wednesday, the price of Hyperliquid's native token HYPE surpassed Solana's SOL, marking a significant milestone for the decentralized perpetual exchange.

Data shows that HYPE reached an all-time high of $74.67 on Tuesday and is currently trading around $73.15, higher than SOL's $72.35. Meanwhile, SOL has fallen to its lowest level since 2023.

Although HYPE's market cap has risen to over $16 billion, it is still significantly lower than Solana's market cap of approximately $42 billion. CoinShares noted that HYPE is one of the few crypto assets with a direct link between protocol activity and token demand.