PANews reported on June 4th that, according to The Block, Hyperliquid's HYPE token price surpassed Solana's on Wednesday, with the latter falling to its lowest level since 2023. HYPE hit an all-time high of $74.67 on Tuesday and is currently trading at $74.47, higher than Solana's $71.62. HYPE has risen approximately 24% over the past month, making it one of the few top 20 crypto assets to rise, while Solana has fallen nearly 14% during the same period. In terms of market capitalization, Solana still leads Hyperliquid by approximately $42 billion compared to Hyperliquid's approximately $16 billion, but the gap is rapidly narrowing. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a base scenario price target of approximately $147 by 2031.