HYPE, the native cryptocurrency of the Hyperliquid network, surpassed solana (SOL) in fully diluted valuation (FDV) on May 21, 2026 by $2.4 billion. Hyperliquid’s FDV reached $55.6 billion, while Solana’s stood at $53.7 billion.
In this way, the derivatives platform was placed ahead of one of the most consolidated networks in the cryptocurrency market. It is worth clarifying that the FDV is the total theoretical value of a project if 100% of its tokens already existed and were in circulation at the current price. It is a key metric because it shows the “future inflation” that a token will suffer.
For example, two projects can trade at $1 per token with the same circulating capitalization. But if one has already issued 90% of its tokens and the other only 10%, the second is structurally more expensive in the long term.
The jump is largely explained by price behavior. HYPE went from $38 to $50 in the last weekan advance of 50% and 40% in the last month, which contrasts with the bearish tone of the market in general.
Part of that boost came thanks to investment firms 21Shares and Bitwise launching HYPE-based exchange-traded funds (ETFs) in May as reported by CriptoNoticias, which attracted capital to the asset.
“Many traders see these ETF launches as a sign that Hyperliquid is moving beyond being just a niche DeFi platform and becoming a more institutionally accepted cryptocurrency ecosystem,” points out the signature of Santiment analysis.
Hyperliquid is a decentralized platform specialized in derivatives and perpetual futures trading, as well as a cryptocurrency network. Its HYPE token allows you to pay commissions, participate in governance and receive income from the network.
However, current capitalization tells a different story than fully diluted capitalization. In that metric, Solana leads with 49.5 billion dollars compared to Hyperliquid’s 13.6 billion. This means that solana is about four times larger in real available liquidity.
The big difference between FDV and circulating capitalization is because most of the HYPE tokens are still locked.
Despite the optimism, challenges remain. Matt Hougan, Director of Bitwise, points out that Hyperliquid “still needs to mature, is currently not available to US users and needs to integrate into the US regulatory system. But that hasn’t stopped it from becoming one of the fastest growing financial companies I’ve ever seen,” he said.