Grayscale: Crypto Markets Now Value Fundamental Tokens More, Will HYPE Token Outperform Memecoins?
2026-07-14
Crypto markets are often driven by narrative and sentiment. However, according to Grayscale's latest report, a shift has begun to emerge in recent months.
Investors are increasingly paying attention to project fundamentals, particularly the ability to generate revenue and tangible economic activity within its ecosystem.
One of the projects that was mentioned as standing out was Hyperliquid (HYPE).
Different from manytokens that rely on community hype, Hyperliquid considered successful in building an ecosystemderivative trading that generates sustainable activity and income.
So, is it true that the crypto market is now starting to value tokens with fundamentals more than just the memecoin narrative?
Key Takeaways
Grayscale believes the crypto market is starting to give greater appreciation to the projectwhich has real fundamentals and income.
Hyperliquid (HYPE) is one example of a project that has gained attention due to the economic activity on its network, not just market sentiment.
Memecoins still have a chance to rally, but investors are considered to be increasingly selective in choosing crypto assets.
Why Grayscale Values Fundamentals Now More Important?
In its publication, Grayscale explained that the crypto market is starting to enter a more mature phase.
While in previous cycles many tokens experienced increases solely due to narratives or going viral on social media, now investors are increasingly paying attention to indicators such as:
Number of active users
Transaction volume
Protocol revenue (protocol revenue)
Sustainability of business models
Economic activities within the ecosystem
According to Grayscale, projects that consistently generate economic value have a greater chance of survival than tokens that rely solely on market momentum.
Understanding a project's fundamentals can help you make more rational investment decisions amidst crypto market volatility. Register at Bittime to follow the development of various crypto assets.
Why Is Hyperliquid (HYPE) In The Spotlight?
HYPE to USDT via Bittime Market
Hyperliquid is one example highlighted because it has successfully built a decentralized derivatives trading ecosystem with high transaction activity.
Unlike many projects that still rely on token incentives, Hyperliquid derives activity from the use of the platform itself.
This makes some investors see HYPE as an assett which is closer to the concept of a revenue-generating protocol, rather than just a speculative token.
However, Grayscale does not claim that HYPE is risk-free.
The assessment further indicates that the market is starting to place a premium on projects that have real utility and economic activity.
Read Also: Hyperliquid Prediction for July 2026: Can HYPE Price Still Rise? Here's a Technical Analysis
Does This Mean the Memecoin Era Is Over?
Not necessarily.
Memecoins are still capable of recording very high price increases when new narratives or positive sentiment from the community emerge.
However, Grayscale believes the market is starting to differentiate between:
price increases driven by speculation, and
an increase supported by growth in network activity.
This means that memecoins still have a place in the crypto market, but investors tend to be more selective than in the previous euphoric phase.
Convert 1 HYPE to IDR - Hyperliquid to Indonesian Rupiah Exchange Rate
What is a Fundamental Token?
In the context of Grayscale's report, fundamental tokens are not simply projects with interesting technology.
What is more important is whether the project is able to demonstrate real economic activity, for example:
Generate revenue from transaction fees
Have a growing number of active users
Supports applications that are actually used
Building an organically growing ecosystem
The stronger the indicators, the greater the chance of the project gaining investor trust in the long term.
Read Also: Hyperliquids Increasingly Dominant, Perpetual Futures Open Interest Reaches US$4.3 Billion
Can This Trend Continue?
As the crypto market remains in a more mature phase, projects with strong fundamentals have the potential to continue attracting the attention of both institutional and retail investors.
However, this doesn't mean all utility tokens will automatically outperform memecoins. Market sentiment, macroeconomic conditions, regulations, and crypto cycles will still influence price movements.
In other words, fundamentals can increase the attractiveness of a project, but they are not a guarantee that the token price will continue to rise.
Read Also:How to Buy Hyperliquid (HYPE) | HYPE to IDR
Conclusion
Grayscale's report shows an interesting shift in the crypto market.
Investor is considered to be starting to pay greater attention to projects that havestrong fundamentals, real economic activity, and income generating ability, compared toonly chasing short-term narratives.
Hyperliquid (HYPE) is one example of a project that has benefited from these changes.
However, investors still need to conduct thorough research because each crypto asset has different risks and characteristics.
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FAQ
What is meant by fundamental token?
Fundamental tokens are crypto assets that are backed by real economic activity, such as protocol revenue, active users, and clear utility.
Why is Hyperliquid mentioned in the Grayscale report?
Because Hyperliquid is considered to have trading activities and a business model that generates economic value for its ecosystem.
Are memecoins no longer interesting?
No. Memecoins still have the potential to rally, but investors are increasingly selective in evaluating projects.
Do fundamentals guarantee that the token price will rise?
No. Fundamentals are an important factor, but prices are also influenced by market sentiment, liquidity, and macroeconomic conditions.
Why is protocol revenue important?
Revenue shows that a network has real economic activity and does not rely solely on speculation.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
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