Zcash Ranks 10th by Market Value, Ahead of Hyperliquid and Dogecoin. Can HYPE and DOGE Catch Up?
Zcash holds the 10th spot by market value and just unlocked a major network upgrade that could push it further out of reach. Whether Hyperliquid or Dogecoin can close the gap depends on a race with very different odds for…
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Zcash (CRYPTO:ZEC) ranks 10th among cryptocurrencies by market value, ahead of Hyperliquid (CRYPTO:HYPE) at 11th and Dogecoin (CRYPTO:DOGE) at 12th. ZEC trades at $1,283, giving it a market value of about $21.83 billion. The rankings include stablecoins and tokenized funds, which rank above Zcash in some positions. This raises the question of whether Hyperliquid or Dogecoin can surpass Zcash, and what each will need to do to achieve it.
Zcash leads among larger coins, peaking at around $1,320 with a 24-hour high of $1,328. However, ZEC is down 13.5% over the past month and hit a low of $1,126 on October 17. By comparison, HYPE trades at $80 with a market value of about $19.25 billion, while DOGE trades at $0.0793 with a market cap of about $12.41 billion.
How Much Do HYPE and DOGE Need to Climb?
Market value is calculated by multiplying a coin’s price by its circulating supply. To match Zcash’s market value, Hyperliquid would need to rise about 13.4%. With a circulating supply of 239.41 million HYPE tokens, this would mean the price must rise to around $91, below HYPE’s all-time high of $98, reached on September 23, 2026.
Interestingly, Hyperliquid’s circulating supply has been increasing, climbing from about 222.4 million tokens on October 26 to roughly 239.41 million, a growth of 7.6%. This supply increase alone can raise market value without changing the coin’s price, which helps explain why HYPE’s market value rose 10.4% in just 24 hours, even as its price rose only 2.6%.
HYPE has a total supply of approximately 951.54 million tokens, giving it a fully diluted market value near $76.5 billion. This means it could still close the gap with Zcash, even without a higher price, although rising supply generally puts pressure on the price.
For Dogecoin, the situation is more challenging. Its market value must increase by about 75.9%, which translates to a price around $0.139 based on the current supply of roughly 156.51 billion coins. Notably, DOGE has an unlimited supply, so every new coin added increases its market value, though the coin has fallen 59.1% over the past year.
Zcash’s Growing Ecosystem Sets a Higher Bar
Zcash’s integration into decentralized finance is making waves. A record 103,000 ZEC has traded on the Solana network (CRYPTO:SOL), largely via NEAR Protocol’s OmniBridge (CRYPTO:NEAR). The number of holders of this bridged ZEC surged from around 17,000 in late June to over 152,000 by late October. This rapid growth sets a higher target for HYPE and DOGE to surpass.
Zcash has shown potential for rapid growth; for instance, it surged nearly 1,000% in a month during late 2025, showing its ability to pull ahead of slower-growing coins like HYPE and DOGE.
New trading features could also impact these standings. Crypto.com and OG.com have both introduced US perpetual contracts that include ZEC and HYPE. While broader trading access generally boosts volume, listing both coins equally means neither coin has a clear advantage from this change.
Zcash’s Upcoming Upgrade Could Be a Turning Point
The forthcoming Network Upgrade 7 (NU7), expected to activate around block 3,543,405 on November 5, 2026, aims to enhance Zcash by reducing its block time from 75 seconds to just 25 seconds, speeding up payment confirmations. When the activation proposal was advanced, ZEC jumped roughly 12%, but major upgrades can also trigger profit-taking once they go live, potentially giving HYPE an opening to close the gap.
Zcash enthusiasts will be closely monitoring the activation at block 3,543,405. A seamless upgrade could fuel ZEC’s upward momentum, while any hiccups could give Hyperliquid a chance to close the gap.
Can Hyperliquid and Dogecoin Overtake Zcash?
Hyperliquid has a real shot at surpassing Zcash by the end of 2026, but Dogecoin faces a tougher path. HYPE needs to regain momentum and push above its 50-day moving average of $85 to reach around $91 while ZEC remains near $1,283. Furthermore, additional supply growth may reduce the price HYPE needs to leap past Zcash.
Conversely, Dogecoin is lagging, trading below its 20-day, 50-day, and 200-day moving averages. It will need to break a 90-day high near $0.1004 before aiming for $0.139, especially given its steep 32.5% drop this year. NU7’s November 5 activation could tip the scales. If ZEC surpasses its 30-day high of $1,483, HYPE needs to pass Zcash; if HYPE closes above $91, it could take 10th place.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
