Arthur Hayes Predicts HYPE Could Overtake Solana

On May 31, 2026, Arthur Hayes, co-founder of BitMEX, posted a $150 price target for Hyperliquid’s HYPE token on X and argued the token could overtake Solana before the current bull cycle ends. He pointed to HYPE’s buyback program and recent revenue figures as the basis for his projection.

Hayes wrote on X that his holdings disagreed with claims the market is in a bear phase, posting: “My shitcoin portfolio def in bull market. Choose better degen.” His thread drew immediate skepticism and renewed focus on Hyperliquid’s financials.

Hayes holds more than 26,000 HYPE tokens, a position he has described as high conviction. He outlined a longer bull cycle he expects to run through 2028, tied to stablecoin expansion and higher speculative trading volumes that he says would support greater demand for HYPE.

Hyperliquid’s buyback program has repurchased over $1.16 billion of HYPE on the open market. Hyperliquid Strategies reported $152.5 million in quarterly profit, figures Hayes and some investors cite when valuing the token above typical crypto benchmarks.

Matt Hougan, chief investment officer at Bitwise, described HYPE as a “generational asset” and called it a “Gen 2 token,” noting that roughly 99% of Hyperliquid’s fees are used to buy back HYPE. Bitwise’s BHYP exchange-traded product has recorded nearly $60 million in inflows since mid-May.

Solana currently has a substantially larger market capitalization and remains a leading smart-contract platform for decentralized finance and high-volume speculative trading. Whether HYPE can close the gap with Solana will depend on how long the speculative cycle continues and whether Hyperliquid can sustain and grow revenues that support the token’s valuation.

Hayes’ posts intensified debate among market participants over buyback-driven tokens, revenue-backed valuations and concentration risk, drawing both criticism and support.