Hyperliquid HYPE Overtakes Solana SOL in Price at $73.15 on Wednesday Amid Broader Decline

According to The Block, Hyperliquid's HYPE token overtook Solana's SOL in price on Wednesday, trading at $73.15 compared to SOL's $72.35, after HYPE reached an all-time high of $74.67 on Tuesday. The milestone comes as most major cryptocurrencies slid significantly over the past week.

HYPE gained roughly 24% over the past month, while Solana fell nearly 14% during the same period to its lowest level since late 2023. By market capitalization, Solana remains ahead at approximately $42 billion versus Hyperliquid's $16 billion. Grayscale launched its HYPG Hyperliquid Staking ETF on Wednesday, following similar offerings from 21Shares and Bitwise that generated over $136 million in net inflows within three weeks.