Hyperliquid Overtakes Solana by Fully Diluted Valuation, Arkham Data Shows

Hyperliquid moved ahead of Solana on a fully diluted valuation basis as HYPE surged from 50.202 USDT to 56.2 on OKX and was later shown by Arkham at about $56.71, with a press-time price of $58.354. Arkham said Hyperliquid had "flipped Solana by FDV," with screenshots showing Hyperliquid at roughly $54.57 billion versus Solana near $54.22 billion, while earlier OKX-based figures put Hyperliquid at $54.107 billion and Solana at $54.082 billion. Despite the FDV crossover, Hyperliquid’s circulating market capitalization remained far below Solana’s, at about $13.28 billion versus roughly $49.99 billion in Arkham’s data. The move drew wider attention as Bitwise Chief Executive Officer Hunter Horsley described Hyperliquid and Solana as leading "revenue chains," citing total revenue figures of $790.55 million for Hyperliquid and $532.34 million for Solana, while Solana co-founder Anatoly Yakovenko downplayed the rivalry and again promoted Phoenix Trade. A separate source also grouped the FDV crossover with reports that SpaceX revealed Bitcoin holdings and that a Korean funeral firm lost millions through leverage trading, though it provided no additional figures or disclosures on those items.