Headline: HYPE briefly eclipses Dogecoin as privacy coins slump — US strikes on Iran inject caution into markets
In a choppy session for crypto, Hyperliquid’s HYPE token briefly surpassed Dogecoin by market capitalization during Asian trading before pulling back, while privacy-focused coins gave back the biggest gains the sector had accumulated over recent weeks. The moves came as risk markets reeled from US military strikes on Iranian targets, a development that tightened macro conditions and sent energy prices higher.
Privacy tokens cool off
Zcash (ZEC) led the top-20 decliners, sliding 5.2% over 24 hours to $619 — the largest pullback among major caps — though it remains up 8.2% on the week, according to CoinDesk data. Monero (XMR) fell 4% to $378. Both ZEC and XMR have been among crypto’s recent outperformers amid renewed investor interest in privacy-focused projects; ZEC in particular attracted attention after Multicoin Capital disclosed a stake earlier this month. Traders told analysts the latest drops read more like profit-taking than a fresh wave of selling, noting that longer-term buyers had been adding positions through the rally rather than exiting.
HYPE flashes past DOGE, then backs off
Hyperliquid’s HYPE token climbed enough during Asian hours to push its market cap above Dogecoin’s, though it later eased. HYPE slipped 4% to $59, still posting a strong weekly gain of 23.6% following last week’s SpaceX pre-IPO perpetual launch on Hyperliquid. Dogecoin was relatively steady, down 0.8% to $0.1009.
Other market movers
Among the top-10 tokens, Tron (TRX) was the lone gainer, rising 2.6% to $0.3739 and up 4.8% over seven days. Major markets were otherwise rangebound: Bitcoin held near $76,500, ether traded around $2,087, and Solana sat at $83.97 with no decisive directional move.
Macro tensions weigh on sentiment
The cautious tone in crypto reflected wider risk-off pressures after US Central Command confirmed strikes on missile launch sites in Iran and on boats attempting to place mines in the Strait of Hormuz, calling the actions defensive. Brent crude rose nearly 2% to about $98 a barrel, rebounding from a 7% drop on Monday when markets in London and New York were closed for holidays. The dollar strengthened versus G-10 peers, gold eased 0.6% to $4,545, and S&P 500 futures held a roughly 0.6% gain following Monday’s market closure.
What to watch next
Traders will be monitoring further geopolitical developments, energy price action, and flows into privacy assets and niche tokens like HYPE. Continued upward pressure in oil or renewed risk-off sentiment could keep volatility elevated across crypto markets.
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