Privacy Coin ZEC Falls 5.2% to $619 on May 26; HYPE Briefly Surpasses DOGE Market Cap

According to BlockBeats, privacy coin Zcash (ZEC) fell 5.2% to $619 on May 26, marking the largest decline among the top 20 cryptocurrencies by market cap. However, ZEC rose 8.2% over the past 7 days, driven by institutional interest following Multicoin Capital's recent disclosure of holdings and broader privacy coin narrative momentum.

Meanwhile, Hyperliquid's HYPE token briefly surpassed Dogecoin (DOGE) in market capitalization during Asian trading hours. HYPE declined 4% to $59, while DOGE fell 0.8% to $0.1009. HYPE has still gained 23.6% over the past week, buoyed by the launch of SpaceX pre-listing perpetual contracts on Hyperliquid last week. Market caution was driven by geopolitical tensions, as the U.S. Central Command confirmed strikes on Iranian missile facilities and vessels attempting to lay mines in the Strait of Hormuz.