Foreign media believe that the recent changes in asset rankings in the crypto market are not just a regular rotation. As some funds flow from established assets such as ETH and SOL to newer, stronger performers, the comparison between Hyperliquid's native token HYPE and Solana is intensifying.
HYPE has led the year-to-date gains
The article states that HYPE's year-to-date gains have exceeded 170%, and its market capitalization has rebounded to approximately $20 billion, approaching the levels seen around October 2025. In contrast, Solana's market capitalization has significantly declined over the same period, decreasing by approximately $40 billion, with the gap in performance widening.
The article mentions that Arthur Hayes previously stated that Hyperliquid might surpass Solana in market position in the future. The report suggests that this assessment is gaining more attention given the recent continuous inflow of funds into HYPE and the relatively weak performance of SOL.
ETH and SOL under pressure
The article also mentions that most altcoins have experienced capital outflows during this cycle. Ethereum's market capitalization has decreased by over $115 billion since the beginning of the year, and Solana has also lost over $50 billion. Based on this, the report concludes that market preferences are shifting, with funds increasingly favoring assets with faster price increases.
Against this backdrop, SOL's price remains below $90, while HYPE has approximately 42% upside potential to reach its $100 target. The article argues that this difference in momentum is amplifying market discussions about the shifting status of old and new mainstream assets.
SOL Combustion Proposal Gains Renewed Attention
Meanwhile, discussions about the token economic model have intensified again within the Solana ecosystem. The article states that Solana's co-founders have expressed support for the SIMD-547 proposal, which aims to introduce a resource-based fee burning mechanism for transactions with higher resource consumption.
According to the article's calculations, if the proposal is implemented, the daily burning of SOL could increase from the current approximately 648 tokens to between 10,800 and 64,800 tokens. This means that Solana may strengthen its token scarcity narrative by adjusting its fee and burning mechanisms.
However, the article argues that this move cannot necessarily be directly seen as a clear positive. The report tends to view it as a response to pressure on market capitalization and intensified competition, rather than a purely positive signal driven by growth.
