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Hyperliquid’s HYPE overtakes Solana in price as SOL falls to lowest levels since 2023

`). 2. Analyze the Raw News: Event: HYPE token price ($73.15) overtakes SOL price ($72.35). Context: Broad crypto market downturn (BTC, ETH down double digits), SOL down 14% monthly. HYPE up 24% monthly. Metrics: SOL Market Cap = $42B. HYPE Market Cap = $16B. (Important distinction: price vs. market cap). Fundamentals: Hyperliquid grabs perp volume share (6.63% globally), eating into Binance's dominance. HIP-3 builder-deployed perps hit $62B volume. Institutional flow: Grayscale launched HYPG ETF. 21Shares and Bitwise already have ETFs with strong inflows. CoinShares published a valuation framework ($147 base case by 2031 due to buyback mechanism). 1kx comparing HYPE to ETH (2017), BNB (2021), SOL (2023). Core Conflict: The rotation from Layer 1 ecosystem tokens (SOL) into cash-flowing, revenue-generating...