Arthur Hayes, co-founder of BitMEX, has forecasted that the altcoin Hyperliquid (HYPE) will surpass Solana in market capitalization before the current crypto bull run concludes. Despite Solana’s established position, Hayes believes Hyperliquid’s growing momentum and platform developments position it to overtake one of the largest cryptocurrencies within this market cycle.
Hayes recently reinforced his $150 price target for HYPE, a significant increase from the token’s previous trading range. At the time of his prediction, Hyperliquid’s price hovered below $70, with a market cap near $15 billion. Since then, the altcoin has climbed to a new all-time high above $73 and reached an $18 billion market cap, moving past Dogecoin to become the ninth-largest cryptocurrency. Surpassing Solana would require HYPE’s market cap to exceed approximately $48 billion, aligning with a potential token price above $100, milestones Hayes expects to see soon.
Central to this optimism is the growth of Hyperliquid’s decentralized exchange (DEX), which utilizes up to 99% of its earned fees to buy back and burn HYPE tokens. This deflationary mechanism, paired with increasing platform usage, could further elevate the token’s value. Hayes previously predicted that these dynamics would propel HYPE to $150 between now and August, coinciding with greater DEX adoption and transaction volume.
In addition to his price projections, Hayes issued a challenge to Solana supporter Kyle Samani, proposing a $100,000 charitable wager on which token would outperform the other from now until the year’s end. Hayes challenged Samani to pick any other top cryptocurrency that could beat HYPE’s performance in that timeframe.
Hyperliquid currently stands as one of the best-performing cryptocurrencies among the top ten by market capitalization, with a year-to-date gain of roughly 188%. The only other major crypto showing gains this year is Tron (TRX), which has increased about 23%. At the time of reporting, HYPE trades near $73, maintaining upward momentum over the past day according to CoinMarketCap.