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Hyperliquid is climbing the market cap rankings, and $HYPE has now overtaken $ZEC.
$HYPE is sitting around $22B in market cap, slightly ahead of Zcash at $21.4B.
The growth behind HYPE is largely tied to its expanding dominance in decentralized perpetual trading.
Trading volume, platform activity, and demand for onchain derivatives have continued to strengthen its position.
ZEC has also enjoyed a strong run this cycle, so overtaking it is a notable milestone for Hyperliquid.
