Arthur Hayes predicts HYPE could eclipse Solana by 2028

On May 31, 2026, BitMEX co-founder Arthur Hayes posted on X that he expects Hyperliquid’s HYPE token to overtake Solana before the current bull cycle ends. He set a $150 price target and holds more than 26,000 HYPE.

Hayes framed the call as a wager on speculative assets outperforming broader market weakness and pushed back on commentary that the crypto market has entered a bear phase. In response to a user who declared a bear market he wrote: ‘My shitcoin portfolio def in bull market. Choose better degen.’

He pointed to Hyperliquid’s buyback program as a core element of his thesis. The protocol has repurchased more than $1.16 billion of HYPE on the open market, and Hyperliquid Strategies reported $152.5 million in quarterly profit, figures Hayes cited when discussing the token’s revenue base.

Hayes’ outlook rests on expectations for an extended speculative cycle through 2028 driven by stablecoin growth and higher volumes in speculative trading. He referenced the Clarity Act and resistance from traditional finance as factors he expects will concentrate activity and fees in a smaller set of crypto-native products, which he expects would benefit tokens with automatic buyback mechanics.

Institutional investors have shown support for that framework. Bitwise chief investment officer Matt Hougan called HYPE a ‘generational asset,’ described the firm’s single-asset BHYP exchange-traded product as the firm’s strongest crypto ETP launch since Bitcoin and reported nearly $60 million of inflows since mid-May. Hougan referred to HYPE as a ‘Gen 2’ token and noted about 99% of fees are allocated to buybacks.

Solana currently has a much larger market capitalization and remains a dominant smart-contract platform for decentralized finance and speculative trading. Market participants say whether HYPE can close that gap will depend on how far the speculative cycle extends and whether Hyperliquid’s revenue growth continues to support a sustained valuation premium.

Reaction in crypto communities was mixed. Some traders questioned the realism of a smaller-token project surpassing a major smart-contract chain within the current cycle, while others highlighted the buyback program and quarterly profits as structural support. Hayes and his backers describe the position as a high-conviction investment tied to specific token economics and fee allocation.