Hyperliquid (HYPE) touched a fresh all-time high of $62.80 on Thursday, trading around $61.94 as of press time. The token is up roughly 48% over the past seven days and 134% year-to-date — a rally fueled by institutional accumulation and a new partnership with Coinbase.
What Grayscale bought this week
Grayscale scooped up 682,190 HYPE over the past week, worth about $34.9 million at current prices. The bulk came in a single-hour purchase of 115,733 tokens — roughly $6.65 million. The firm's buying spree is a big vote of confidence for a protocol that many still pigeonhole as a perpetual futures exchange.
Coinbase steps in as USDC provider
Coinbase has been named Hyperliquid's official USDC liquidity provider. On top of that, the exchange is reportedly set to acquire the USDH brand assets. The move gives Hyperliquid a direct pipeline to Coinbase's deep stablecoin reserves, which should help keep trading costs low and liquidity tight.
Hougan calls it a 'pricing error'
Bitwise CIO Matt Hougan chimed in this week, arguing that investors are underpricing Hyperliquid because they treat it as just a perp exchange. He described the disconnect as a “pricing error” — implying the token's value should reflect a broader platform play, not just trading fees. Hougan's take has added to the bull case among funds that were already rotating into HYPE.
Closing in on Dogecoin
Hyperliquid's market cap is now about $2 billion shy of Dogecoin's, making DOGE the tenth-largest cryptocurrency. If the current pace holds — and the Grayscale and Coinbase tailwinds keep blowing — HYPE could leapfrog the meme coin within weeks. That would mark one of the fastest climbs into the top ten by a token that didn't start with a meme or a retail frenzy.
The next concrete milestone is whether Hyperliquid can sustain its weekly volume above $60. That's the level that would confirm the breakout and keep the market-cap gap narrowing.
