Grayscale says the cryptocurrency market is increasingly rewarding tokens with real fundamentals, and that the financial protocols led by Hyperliquid (HYPE) are far ahead of memecoins.
The asset manager attributes this split to a bearish cryptocurrency market and growing institutional adoption. Both forces are separating income-generating projects from speculative tokens with little fundamental value.
Why the Cryptocurrency Market Rewards Fundamentals Now
Grayscale has built its case using its Crypto Sectors framework, a set of indicators developed in collaboration with FTSE Russell. The system sorts more than 150 protocols by function and is re-evaluated every three months. Latest research by Grayscale The sets symbolize what they do, not the story around them.
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The financial crypto sector covers protocols that deliver cross-chain financial transactions and services. Their fundamentals track the adoption of stablecoins, token assets, and other blockchain use cases.
Stablecoin settlement volume Recently, new records were recorded, which has strengthened this demand. The gap widens in a recession, when non-revenue tokens decline even further.
Super Liquid moves forward as Memecoins fade away
Since the beginning of 2024, the financial cryptocurrency sector has risen by approximately 15%, while the consumer and cultural cryptocurrency sector has declined by approximately 75%. This leaves financial tokens ahead of their consumer peers by about 90 percentage points.
In contrast, it is dominated by the backward sector Meme currencies like Dogecoin (DOGE), the 2013 original, which Grayscale says now makes up about 85% of its market cap.
The Hyperliquid grayscale stands out as the highlight. The on-chain exchange funnels trading fees into a utility fund that buys back HYPE, tying the value of the token to actual usage of the platform.
Hyperliquid token It rose from an all-time low near $3.81 in late 2024 to a June 2026 peak of $76.70. It was trading near $63 on Monday, up about 29% over the year, and ranks 10th by market cap.
“Cryptocurrency markets reward tokens with strong fundamentals. These applications include Hyperliquid and other leading blockchain financial applications,” Grayscale male.
Some fund managers raise the same issue. Leading protocols should be judged like companies, says Tushar Jain, chief investment officer at Multicoin Capital. His company holds HYPE and sees Hyperliquid as a leader in on-chain derivatives.
“Solana is a business. Hyperliquid is a trading company. It’s supposed to generate cash flow, and that’s the main thing that gives those tokens value…” Jain He said In a recent interview.
Other revenue-focused projects have made the same shift, including the latest one Token burning funded by revenue. Whether this sticks out may depend on consumer coins generating real income. Right now, Grayscale data suggests that fundamentals, not speculation, are distinguishing the winners in the market.
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