Hyperliquid News Today: The Crypto Craze Versus Real Progress—Meme Tokens Face Off Against Privacy-Focused Infrastructure

Excitement is running high in the cryptocurrency world as both individual traders and major players focus on a blend of

coins, assets tied to ETFs, and projects centered on privacy. Some of the most notable stories include Donald Trump’s meme coin, the inaugural MOG Coin ETF application, and a $100 million infrastructure initiative by Zero Knowledge Proof (ZKP), all of which underscore the sector’s rapid transformation.

Former President Donald Trump’s $TRUMP meme coin has sparked intense discussion after a $148 million fundraising event offered exclusive access to a formal dinner at the

at his private estate. Leading investors, such as crypto entrepreneur Justin Sun, paid millions for entry, with the top four contributors receiving Trump-branded luxury watches worth $100,000 each. The event has faced strong backlash from Democratic politicians, who have proposed the "Stop The Rug Pulls by Unethical Members and Presidents Act" to prevent elected officials from profiting through digital currencies. The White House has described the gathering as a private, unofficial event, noting that Trump’s assets are managed in a blind trust overseen by his children.

Canary Funds and Canary Capital have submitted the first-ever application for a spot ETF tracking MOG Coin, a meme token operating on the blockchain. This ETF, modeled after existing and Ethereum products, would let investors gain exposure to MOG without directly owning the coin. The filing highlights MOG’s dependence on community enthusiasm, and the fund may hold up to 5% in to cover transaction fees. Experts see this as a sign that institutions are increasingly interested in meme coins, even though they lack conventional use cases. The SEC’s recent approval of and ETFs has paved the way for similar products, and the MOG ETF could go live as soon as November 13, 2025, following the company’s ETF launch, as detailed in the .

While meme coins continue to capture headlines, Zero Knowledge Proof (ZKP) is aiming for lasting impact with a $100 million infrastructure plan targeting the $21 trillion healthcare and $35 trillion financial markets. ZKP’s privacy-first AI computation platform, backed by $17 million in ready-to-deploy hardware, is designed to solve data privacy issues in sectors where public blockchains are insufficient. Unlike speculative tokens, ZKP’s daily on-chain auctions distribute 200 million tokens, with payments accepted in ETH,

, and over 20 other currencies. The project’s physical hardware and enterprise-level infrastructure stand in stark contrast to the short-term price swings seen in XRP and Hyperliquid, as covered in the .

Hyperliquid (HYPE), a decentralized exchange, is facing challenges after its liquidity provider, Hyperliquid Provider (HLP), suffered a $4.9 million loss during a recent stress test. This setback has driven HYPE below important support levels, with technical analysis pointing to more potential declines. Meanwhile, the team is piloting a BorrowLendingProtocol (BLP) on its Hypercore testnet, supporting USDC and PURR tokens. While this could broaden DeFi offerings, it has yet to prove itself at scale. Cathie Wood from

Invest has compared Hyperliquid’s current stage to Solana’s early development, though institutional uptake remains inconsistent, as mentioned in the .

In an innovative move, Scilex Holding Company and Datavault AI have revealed plans to distribute Dream Bowl 2026 Meme Coins to shareholders, using blockchain for event ticketing and collectibles. The airdrop, scheduled for December 8, 2025, aims to blend sports fandom with digital assets, though its practical use and market price are still uncertain, as outlined in the

.

The crypto sector is becoming more varied, with meme coins, ETFs, and privacy-oriented projects all competing for attention. While Trump’s $TRUMP coin and the MOG ETF showcase the market’s speculative side, ZKP’s focus on infrastructure points to a trend toward practical applications. As regulators and major investors adapt to these changes, market participants must balance excitement with real-world innovation.