Hyperliquid (HYPE) hit a new ATH around $74 and briefly overtook Dogecoin in market cap, entering the top 10. Main driver: strong derivatives trading activity, fee revenue, and growing ETF/institutional interest, which contrasts with DOGE's meme-driven demand. Why it matters: $HYPE is being priced more like a revenue-generating DeFi infrastructure asset, while $DOGE remains sentiment-driven. Outlook: sustainability depends on continued trading volume and liquidity. If activity slows, HYPE could quickly lose momentum and fall back below DOGE in rankings.