On May 21, 2026, Arkham said Hyperliquid "flipped" Solana by fully diluted valuation (FDV), with its dashboard showing HYPE at $56.71 and an FDV near $54.57 billion versus SOL around $86.51 and roughly $54.22 billion. The same figures showed a much smaller circulating market cap for Hyperliquid at about $13.28 billion compared with Solana near $49.99 billion, alongside $1.20 billion and $2.74 billion in 24-hour volume, respectively.

A wallet said to be connected to Grayscale accumulated Hyperliquid's HYPE tokens via major trading firms and OTC routes, sparking one of the token's largest rallies in months. On-chain activity showed about 176,050 HYPE worth nearly $9.84 million moved in, while more than 149,000 HYPE valued around $7.49 million was sent to the Hyperliquid System Address. After the activity surfaced, HYPE pushed above $50 and traders began focusing on the $50-$52 area as a key support zone.

Hyperliquid's HYPE moved above $57 on Thursday, putting it within about 2% of its roughly $59 all-time high set in September 2025. The move followed a short squeeze that erased about $21 million in HYPE futures positions in 12 hours and pushed 24-hour liquidations to $30.6 million on the short side versus $1.08 million in longs. HYPE was up nearly 17% over 24 hours, more than 46% over seven days, and over 111% year over year at the time of writing.

Lighter (LIT) climbed 12% today with solid volume. Discover what Lighter is, the drivers behind today’s move, the 2026 price outlook, and why traders are turning to BingX.

Privacy-preserving cryptocurrency Zcash (ZEC) has staged a massive vertical breakout, decoupling from a flat broader crypto market to secure double-digit gains. Fuelled by a historic regulatory clearance, high-profile venture capital backing, and robust structural upgrades, the token has reclaimed multi-month highs.

Zcash (ZEC) climbed more than 17% on Wednesday, briefly reaching $690, a level it had not traded at since November last year. The move followed news that the U.S. Securities and Exchange Commission closed its investigation into the Zcash Foundation without enforcement action, a probe that began with an August 2023 subpoena. The Foundation also reported $36.7 million in net liquid assets at the end of Q1, including 85,412 ZEC valued at about $21.2 million.

Ethereum’s active RWA market share declined from 93.4% at the start of 2025 to 61.1% by the end of Q1 2026, even as it remains the largest chain by RWA market cap at about $18.7 billion. The shift coincides with more tokenized-asset activity spreading to other networks and with the Ethereum Foundation signaling plans to reduce its relative influence over time.

Hyperliquid's HYPE Spot ETFs opened with strong early demand, with purchases running about 2.5x the Assistance Fund's daily buy-and-burn over the first six trading sessions. Futures indicators also pointed to buyer-led activity, while volume conditions were described as cooling despite HYPE's continued rise. The sixth session marked the biggest ETF inflow so far, putting focus on whether demand can persist beyond the initial launch window.