Hyperliquid Hits All-Time High as AI Tokens Fuel Altcoin Surge
By John Nada·May 23, 2026·2 min read
Hyperliquid's HYPE token soars, driven by new ETFs and renewed altcoin interest. Analysts spotlight AI token valuations and macro influences.
Hyperliquid's HYPE token is blazing past its peers, hitting new all-time highs thanks to the launch of two HYPE ETFs in the U.S., according to CoinDesk. Traders are flocking back to riskier assets, signaling a revival in altcoin interest as noted by crypto analyst Michael van de Poppe.
Van de Poppe highlights a trend where European traders are increasingly pivoting towards Hyperliquid, citing challenges in accessing perpetual futures on regulated platforms across the continent. This momentum is also driven by Hyperliquid's innovative push into tokenized stocks, commodities, and pre-IPO assets, which he argues is accelerating broader tokenization trends in crypto.
Yet, van de Poppe isn't convinced Hyperliquid is the long-term winner. He points to Solana's transition from a "degen" platform to a more institutional-friendly ecosystem as a stronger long-term bet. Institutional infrastructure, he argues, is where Solana shines, making it more appealing for multi-year horizons.
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On the AI front, tokens tied to AI projects like NEAR and Bittensor are capturing attention. Van de Poppe asserts that these projects are undervalued compared to inflated valuations of traditional AI companies. NEAR is projected to surge from $10 million in 2025 to $100 million in revenue this year, offering a juicy valuation opportunity.
However, privacy remains a sticking point in the crypto debate. While users are demanding more transactional privacy, van de Poppe warns that fully anonymous systems face regulatory hurdles. He suggests that zero-knowledge proofs and permissioned privacy models are more likely to see institutional adoption.
Macro factors, such as bond yields and central bank policies, continue to loom large over crypto markets. Van de Poppe underscores Japanese bond yields as a key indicator, where falling yields could support risk assets like crypto. Yet, he cautions against expecting aggressive rate cuts from the Federal Reserve, hinting that persistent inflation might keep pressure on crypto investments.
The broader context reveals a market in flux, balancing between innovation and regulation. As Hyperliquid enjoys its moment in the sun, the longer view rests on how these developments reshape the crypto landscape.