PURR Stock On Track For Record High After Hyperliquid Flips Dogecoin To Enter Crypto Top 10

• Shares of Hyperliquid Strategies surged as much as 20% in pre-market trade after HYPE reached a new record high and entered the top 10 cryptocurrencies by market capitalization.
• Retail sentiment around both HYPE and PURR remained in 'extremely bullish' territory on Stocktwits, with message volume reaching 'extremely high' levels.
• Crypto chartist Ali Martinez said the HYPE token remains in price discovery mode and projected potential upside targets at $93 and $163.

Shares of Hyperliquid Strategies (PURR) were on track to hit another record high in pre-market trade on Monday after its underlying treasury asset, Hyperliquid (HYPE), made another all-time high and knocked Dogecoin (DOGE) out of the top 10 cryptocurrencies by market capitalization.

PURR’s stock rallied more than 20% in pre-market trade, on track to hit another record high, after rallying to a record $10.24 on Friday. It was also among the top trending tickers on Stocktwits at the time of writing. 

The stock also received a weekend boost after investment research publication Capital Flows stated in a weekend note that Hyperliquid Strategies could be setting up for a “gamma squeeze” similar to the moves seen in GameStop (GME) during 2021. 

HYPE’s Price Hits Record High, Flips Dogecoin

The rally in PURR followed HYPE’s price surging to a fresh all-time high above $74, lifting its market capitalization to roughly $16 billion and pushing it past Dogecoin to become one of the 10 largest cryptocurrencies. 

HYPE’s price pared some gains to trade at around $72.80, at the time of writing, still up roughly 7% over the past 24 hours and outperforming Bitcoin (BTC). Retail sentiment around Hyperliquid’s token and its digital asset treasury (DAT) on Stocktwits trended in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter.

Chartist Ali Martinez forecast that HYPE’s price could rally to $93 or even as high as $163 “with prior sell signals invalidated” and the token in price discovery mode. 

Intercontinental Exchange (ICE) CEO Jeff Sprecher said last week that Hyperliquid is now “bigger than Nasdaq.” HYPE’s rally also means that BitMEX co-founder Arthur Hayes is on track to win his $100,000 charitable bet that Hyperliquid's native token will outperform every other current top-10 cryptocurrency by year-end. The token is currently up 126% in the last 12 months. 

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