Why Ethena, Pump.fun, and Hyperliquid Could Lead the Next Altcoin Season Leg

Key Points

1. Ethena (ENA) has a live price above $0.80, a market cap of $5 billion, and a protocol TVL exceeding $10 billion, positioning it as a liquid mid-cap asset.

2. Pump.fun’s PUMP token, tied to Solana’s meme-launch factory, has a price around $0.0038, a market cap above $1.3 billion, and a circulating supply of 351 billion.

3. Hyperliquid’s HYPE token is priced in the mid-$40s with a market cap close to $15 billion, backed by an on-chain order book exchange with zero-gas perps and fast matching.

4. ENA focuses on protocol growth and TVL, PUMP leverages social flow and launch activity, while HYPE supports exchange functionality and derivatives volumes on-chain.

5. These assets demonstrate targeted capital rotation in select crypto markets, with deep liquidity and clear roles appealing to traders during mixed risk appetite.