- Dogecoin just launched its first U.S. ETF, unlocking big inflows but still lacks real on-chain utility.
- Hyperliquid is already generating millions in daily revenue and offers staking with clear growth mechanics.
- For a three-year hold, HYPE looks like the smarter bet, while DOGE depends mostly on sentiment and ETF demand.
Crypto investors face a classic choice right now: stick with an old favorite that just got a shiny new ETF, or take a bet on a rising L1 that’s actually printing real revenue. On one side you’ve got Dogecoin (DOGE), the original meme coin turned ETF-backed giant. On the other, Hyperliquid (HYPE), a newer blockchain built around speed, trading, and serious DeFi mechanics.
So, which one makes more sense to buy and hold for the next three years? Let’s break it down.
Dogecoin’s Makeover: From Meme to ETF Darling
Dogecoin just scored a major win with the launch of the first U.S. Dogecoin ETF, listed by Rex-Osprey on Sept. 18. That’s a milestone, and it’s a big reason DOGE’s market cap is sitting around $40 billion right now. ETFs mean retirement funds, brokerage accounts, and new inflows of capital that DOGE never had access to before.
The problem? Under the hood, Dogecoin is still… well, Dogecoin. It doesn’t support smart contracts, and building anything complex usually requires external systems. That said, developers are seriously debating upgrades that would allow cryptographic proof verification on-chain. This could open the door for layer-2 Dogecoin chains with smart contract-like functionality.
If those upgrades happen, Dogecoin could go from meme token to something that actually generates utility, maybe even revenue through burns or tokenized applications. But the timing is murky. No roadmap, no clear date. Just speculation — and a lot of hope.
Hyperliquid: The New Kid With Real Numbers
Hyperliquid is the opposite story. It’s a purpose-built L1 focused on its decentralized exchange, which runs perpetual futures on everything from Bitcoin to obscure meme coins. And the chain is already spitting out real usage metrics: on Sept. 18, Hyperliquid pulled in $3.2 million in revenue in one day and processed over $6.2 billion in stablecoin value.
Its order book is handled at the protocol level, making trading fast and cheap, while staking currently offers yields around 2.4%. That might not sound flashy, but it’s a strong indicator of adoption. Traders are happy, volumes are climbing, and the infrastructure is already proven.
Basically, Hyperliquid isn’t just promising — it’s delivering.
The Three-Year Hold: Who Wins?
For long-term investors, two things really matter: cash-flow-like signals and ecosystem credibility. Hyperliquid checks both boxes. It generates consistent fee revenue that proves people are actually using it, and it has a roadmap that’s already being executed. Its DeFi ecosystem is still young, but it has the fundamentals to expand as more traders migrate to the DEX.
Dogecoin, meanwhile, has no revenue flywheel and relies heavily on sentiment, memes, and ETF inflows. If those dry up, the price will reflect it quickly. Yes, the L2 conversation is interesting, but it’s still just talk at this point. Implementation risk is huge.
So for anyone looking at a three-year hold, Hyperliquid is the stronger bet. It has real adoption, revenue, and staking to keep holders aligned with network growth. Dogecoin could surprise if upgrades happen and ETFs pump liquidity, but right now, HYPE feels like the safer long-term play.
