Grayscale Research has unveiled its updated ranking of the top 15 cryptocurrencies by fully diluted valuation (FDV) for the first quarter of 2025. The revised list highlights emerging trends in U.S. election-themed tokens, the Solana ecosystem, and AI-focused cryptocurrencies. Several new tokens, including $HYPE, $ENA, and $JTO, have debuted, reflecting shifting investor interests. Conversely, established cryptocurrencies like $TON and $NEAR have been removed, signaling evolving market dynamics.
Source: Cryptorank
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New Additions to Grayscale’s List
1. Hyperliquid ($HYPE)
Among them, Hyperliquid ($HYPE) has been the most prominent player; currently valued at $21.511and the total value of trades made within a day amounts to $148,179,280. Nevertheless, the token sits among the top fifteen cryptocurrencies ranked by the FDV, although it registered a small 8.52% drop as of yesterday. Due to daily transactions, Hyperliquid has increased its relevance in DeFi, especially in DEX platforms.
The tokens have slightly depreciated, which is typical for the fluctuating cryptocurrency market, but the token has inherently more stability for investments that are made in the long term. Hyperliquid is already quickly growing as it aims to alter trading in the decentralized space regarding speed and liquidity. This well-discussed fundamentalism gives $HYPE a chance to maintain its position in the top league of digital assets.
2. Ethena ($ENA)
Ethena ($ENA) has also joined the ranks with impressive hype, currently trading at $0.957, reflecting a 12.76% drop, and boasting a 24-hour trading volume of $574.15 million. However, the token has experienced a 3.30% negative change, as has most AI-centered crypto tokens in the market. Nevertheless, Ethena continues to be one of the leading companies in the blockchain sector that develops applications and solutions based on artificial intelligence.
Huge trading volumes accentuate that institutional and retail investors expect this token greatly. Given that AI remains a trending topic in the tech and crypto market, by incorporating blockchain and artificial intelligence in its portfolio, $ENA effectively becomes a valuable investment asset.
A Closer Look at Virtuals Protocol and Jito
3. Virtual Protocol ($VIRTUAL)
The newly launched token Virtuals Protocol ($VIRTUAL) has garnered interest, trading at $3.51, reflecting a 10.24% decrease in 24 hours, while its 24-hour trading volume of $388.35M also marks a 3.35% decline within the same period. Nevertheless, it has decreased at a dreary rate of 6.70%. The update to the list reveals a new focus on virtual asset protocols and blockchain simulation, corroborated by Grayscale’s addition. Virtual protocol aims to disrupt and simplify the interactions between blockchains, decentralized applications, and virtual worlds.
Though it has experienced a relative decline in its stock price at the current time, this aspect makes it a helpful company with technological growth prospects. He noted that investors and analysts focus on $VIRTUAL as it aims to reshape the fundamentals of #blockchain and #virtualassets.
4.Jito ($JTO)
Jito ($JTO) is a rare performer in this updated list, showing a 3.87% rise in value. It trades at $2.87 with a 24-hour trading volume of $70.86M, despite reflecting a 6.72% decrease in the last 24 hours. While many of the tokens in the list seem stagnant or bearish, Jito has shown some strength and bullish characteristics. Incorporated into the Solana ecosystem, it is an important priority to implement staking reward enhancement and work on the network’s efficiency, making Jito adorable to Solana enthusiasts.
The Solana ecosystem has always garnered attention due to its focus on fast and inexpensive transactions, both of which interest Jito. And today, although it is reported to have positive performance, people are increasingly confident in its Bona and the entire Solana ecosystem.
Grass and the Push for Sustainability
5. Grass ($GRASS)
Grass ($GRASS) is currently priced at $2.52, reflecting an 11.58% decrease over the past day, while its trading volume has risen by 4.09% to $130.59M within 24 hours. However, they showcased a very active run; somehow, the token shrunk 6.45% in value. Grass directs itself to local environmental projects dealing with sustainability and using blockchain to counter many ecological problems.
This token stands in a somewhat different category than most tokens, which makes it fit well into the current trend of environmentally sustainable development projects in cryptocurrency. Though it doesn’t have an impressive growth rate compared to regional peers, its focus on the green programmes and sustainable business value has received much attention from ethical fund managers.
Removed Coins: Still Influential Despite the Changes
Even those old coins no longer in the top 15 list are still more critical now than ever. Some of the existing virtual currencies have remained relevant within the market, such as Toncoin ($TON), currently selling at $5.30, experiencing a 3.01% decrease within 24 hours. Likewise, the NEAR Protocol($NEAR) is still active, presently priced at $5.10, with a daily trading volume of $410.43M, as per the data from CoinmarketCap. Despite their lack now, both assets hold discrete ecosystems and constant investor attraction.
Other missing cryptocurrencies are Maker ($MKR), which has shown an increase, and UMA ($UMA), which has experienced a slight decline. These removals show the highly competitive nature of the cryptocurrency space, where new trends require inclusion in a given rankings.
Conclusion
Grayscale’s updated list of the top 15 cryptocurrencies by fully diluted valuation provides valuable insight into the dynamic nature of the market. New entrants like $HYPE, $ENA, and $JTO underscore shifting investor priorities toward AI-driven and innovative blockchain projects. Meanwhile, removing established tokens like $TON and $NEAR reflects a changing landscape where only the most adaptive projects can maintain prominence. This evolving list serves as a reminder of the importance of staying informed in the ever-changing cryptocurrency industry.
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