Hyperliquid Surpasses Dogecoin…All-Time High Retest Nearing?

▲ Hyperliquid (HYPE)/AI Generated Image ©

As Hyperliquid (HYPE) surpassed Dogecoin to become the 9th largest cryptocurrency by market capitalization, market attention is focused on the possibility of retesting its all-time high. Analysis suggests that an increase in exchange users and an aggressive buyback policy have driven price increases, even amidst the recent bearish market conditions.

According to cryptocurrency media Watcher.Guru on July 6 (local time), Hyperliquid is considered one of the cryptocurrencies that has shown the strongest upward trend in 2026. Based on CoinGecko, HYPE has risen 3.4% in the last 24 hours and 13.3% in the last week, with its current price being 8.8% lower than its all-time high of $76.87 recorded on June 16. This upward momentum has allowed it to surpass Dogecoin by market capitalization, becoming the 9th largest cryptocurrency.

The media cited an increase in exchange usage as the reason behind Hyperliquid's strength. As crude oil futures trading surged due to rising tensions in the Middle East in 2026, Hyperliquid, being available for 24-hour trading, attracted many users, and its low trading fees also acted as a competitive advantage. Consequently, HYPE, the exchange's native token, also rose rapidly to an all-time high.

Furthermore, the steady increase in new and returning users led to higher exchange fee revenue, and Hyperliquid's structure of utilizing a significant portion of these fees for token buybacks resulted in a reduction in supply. The media reported that this supply reduction acted as a factor supporting the rise in HYPE's price.

Regarding future prospects, it was noted that the cryptocurrency market has recently shown signs of a rebound. Specifically, the weaker-than-expected US employment figures in June 2026 somewhat eased market expectations for further interest rate hikes by the US Federal Reserve (Fed), and this sentiment is driving a broader market rebound, according to analysis.

However, the media added that while HYPE might soon retest its all-time high if the market rebound continues, the upward trend could quickly reverse if new volatility arises, as bearish factors still remain.

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