Can Hyperliquid (HYPE) Become A Top 10 Coin In 2025?
Introduction
Of all the altcoins that have the potential to become one of the most successful coins of this year, there’s a strong case that Hyperliquid (HYPE) could become the altcoin of the cycle. But with so many coins on the market, what is it about Hyperliquid that could lead it to become one of the coins of the cycle? Let’s look at what it needs to do to break into the top 10 coins and sit alongside some of the strongest and most recognizable names in the crypto world.
Capturing A Narrative
For a coin to explode into the mainstream, a strong narrative must be developed to help it project itself into the broader market. For instance, Bitcoin has been able to catapult itself into the mainstream over the last few years due to its visibility in traditional financial circles and the fact that some of the world’s most prominent companies and wealthiest individuals have begun investing in it.
As soon as this interest started to take hold, businesses looked for ways to integrate the blockchain and Bitcoin payments into their services. Gambling companies looked to leverage Bitcoin on their platforms.
They became one of the first companies to explore this possibility successfully, and have since become an integral part of the wider community, showcasing how playing casino games with cryptocurrency is a viable option. Bitcoin gambling platforms are not the only way cryptocurrency enthusiasts can utilize their funds and use them in a practical environment they are familiar with.
Still, Hyperliquid needs to find an equal niche or narrative to break down some of the barriers between becoming an exciting alternative asset and widespread mass visibility.
What Is Hyperliquid? (HYPE)
Hyperliquid is a decentralized trading platform (DEX) that allows users to connect their wallets, deposit USDC and trade a range of perps - aka leverage trading. It provides access to the market for many people who would usually have difficulty accessing these services via a CEX (Centralized Exchange) - Hyperliquid has been able to capture such a large part of the current market because of the ease at which traders can connect to their platform and trade some of the most notable assets.
Although Hyperliquid launched their exchange in 2023, they did not launch their token until November 2024 - with one of the most lucrative airdrops in the history of the cryptocurrency industry. At its peak, it was an airdrop worth billions of dollars. Although the price has halved since it peaked just before Christmas - the whole market has taken a dip in activity since 2025 - with Bitcoin and other assets dropping between 20-40% from Q4 2024 market highs.
Their token acts as a governance token, where users can also receive staking rewards and have an integrated burn and buy-back mechanism to ensure price stability.
Can Hyperliquid To Break The Top 10?
It’s a difficult task. Some of the top 10 cryptocurrency projects currently have a considerable narrative going for them. At the time of writing, TRON is currently the 10th biggest crypto by market cap, with a market cap of around $21.5 billion. Hyperliquid’s is $5.3 billion. This means the price needs to be above $60 to match the same market cap. A price increase of over 4x.
If HYPE were to explode in price, it would need to become the top DEX in all of cryptocurrency. It would also need to gain the sort of visibility we’ve seen Ethereum get in recent years—including widespread coverage of Vitalik Buterin, culminating in a film.
We aren’t saying Jeff Yan deserves his own film, although many HYPE maxis are probably keen on this prospect. Still, Hyperliquid needs to inject some excitement into its project. While the early days of the airdrop felt like it was the only coin anyone was talking about, this hysteria has dimmed.
Their staking and EVM were considered hugely important milestones but were badly integrated. In addition, the NFT for top traders is an idea they have not clarified since initially mentioning it as part of their airdrop over 6 months ago.
Final Thoughts
If we asked this question in November 2024, there was a strong feeling within the crypto community that Hyperliquid certainly had the potential to break into the top 20. However, a more negative broader market sentiment, coupled with substandard EVM and staking launches, has not done much to instill confidence in the project or the token amongst the wider community.
Of all the coins in the top 30, Hyperliquid has a strong narrative. In fact, it’s one of the few coins and projects that can showcase a clear pathway of how they remain profitable and continue growing. Other airdrops like Starknet and ZKSync were launched at multi-billion dollar valuations but have completely fizzled out. If BTC can head back above $100,000 - Hyperliquid could easily revisit all-time highs, but it’s improbable we'll see it crack the top 10.
