Pup Token: The New Meme Coin From Hyperliquid's UpheavalFi DEX

PUP Token has quickly made its way into discussions across the meme coin space, especially after being introduced on Hyperliquid’s UpheavalFi decentralised exchange. 

Its rise has been accompanied by a sharp increase in trading volume and price action, putting it on the radar of crypto watchers who track emerging tokens. 

But as with any fast-moving project, there are questions about transparency, risk, and sustainability. Even though market data is publicly available, the project’s full documentation, such as a detailed whitepaper, remains limited, which means potential investors should proceed with caution.

Understanding PUP Token and Its Market Performance

PUP Token is designed as a meme coin and trades primarily on UpheavalFi, a decentralised exchange within the Hyperliquid ecosystem.

According to market data, PUP has a circulating supply of around 650 million tokens and a market capitalisation of approximately $85 million, placing it just inside the top 600 cryptocurrencies by market cap. 

Its fully diluted valuation is significantly higher at roughly $132 million, reflecting the potential size of the token if the entire one billion supply enters circulation in the future.

Price performance has been particularly striking. Over the past seven days, PUP has risen by roughly 179 percent, far outpacing both the broader crypto market, which is up around 3.9 percent, and the average performance of meme coins, which have climbed just under 8 percent over the same period. 

The token reached an all-time high of $0.1439 before retreating slightly, and it remains well above its all-time low of $0.01095. This shows significant growth from its earliest days, but also highlights the volatility of meme assets.

Liquidity and trading activity are also worth noting. Daily trading volume has recently climbed above $3.9 million, with a large share concentrated in the PUP/WHYPE trading pair on UpheavalFi. 

This liquidity is an encouraging sign for those looking to enter or exit positions, but it does not eliminate the risk of sharp price swings. Thin order books or sudden shifts in sentiment can still create rapid downward moves, something common across the meme coin category.

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Comparisons With Other Meme Coins and Exchanges

When looking at PUP Token in the context of other meme coins, several distinctions appear. First, PUP benefits from being associated with Hyperliquid, a known decentralised trading environment, whereas many meme coins launch on smaller or less reliable platforms. 

This can add some credibility and make it easier for traders to access the token with lower concerns about liquidity traps.

In terms of price behaviour, PUP has been outperforming other well-known meme tokens such as Dogecoin or Shiba Inu on a percentage basis, at least in the short term. However, these larger tokens have far deeper liquidity pools and a much broader holder base, meaning they may not swing as violently during periods of market stress. 

PUP’s rapid price climb could be a signal of strong momentum, but could also indicate that it is more vulnerable to sharp corrections once buying pressure slows down.

Another difference is the tokenomics. With a maximum supply of one billion tokens, PUP’s valuation is still modest compared with some of the major meme coins, giving it potential room to grow if adoption continues. 

Yet, this also raises questions about distribution: how much of the supply is already in circulation, how many tokens are held by early backers or developers, and whether there are mechanisms in place to prevent concentrated selling pressure. Without full access to a detailed whitepaper, it is difficult to evaluate how emissions will impact long-term value.

Compared to other decentralised exchanges that list meme coins, UpheavalFi has so far shown healthy trading activity. Still, centralised exchange listings often act as a catalyst for wider adoption, and until PUP achieves that, its exposure may remain limited to the decentralised finance (DeFi) community. 

This might restrict participation from more casual traders who prefer the simplicity of centralised platforms.

Read Also: Top Meme Coins to Buy in September, Where Should You Invest?

Risks, Transparency, and Why Caution Is Needed

Despite strong price performance and growing liquidity, there are several reasons to approach PUP Token carefully. The first is transparency. While market data and trading activity are easy to find, a fully detailed whitepaper outlining the token’s utility, governance model, and emission schedule is either unavailable or incomplete. 

This makes it harder to assess the long-term sustainability of the project and leaves unanswered questions about how the team plans to grow beyond speculative interest.

Another risk factor is volatility. The recent 179 percent weekly increase is impressive but also means that price action is highly speculative. If sentiment turns, prices can fall just as quickly as they rise. 

Meme coins are notorious for this pattern — they often experience sharp surges fuelled by social media hype followed by significant corrections once the excitement fades.

Liquidity, while currently strong, is not guaranteed. The $3.9 million daily volume is a positive sign, but if this activity declines, spreads could widen and slippage could become an issue for traders. Large holders could also influence the market disproportionately, especially if the token distribution is concentrated among a few wallets.

Finally, there is the broader risk inherent in meme coins. Many such tokens have short life cycles, and only a small number manage to transition from pure speculation into assets with sustained communities and use cases. 

Whether PUP can achieve this will depend on future development, integration with the Hyperliquid ecosystem, and continued trader interest.

Read Also: Why Are Meme Coins Like XZXX Suddenly Trending?

Conclusion

PUP Token has quickly become one of the most talked-about meme coins in the decentralised trading space, with strong price growth, rising trading volumes, and a prominent position on Hyperliquid’s UpheavalFi exchange. 

However, it also comes with significant uncertainty, including limited documentation, questions about token distribution, and the usual volatility that accompanies meme assets.

For those considering buying PUP, it is sensible to research carefully, monitor trading activity, and avoid committing more than they are prepared to lose. Its performance has been impressive, but its long-term future is still unproven. Until there is more clarity around tokenomics and development plans, cautious participation is recommended.

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FAQ

Where can I buy PUP Token?

PUP is mainly traded on UpheavalFi, with PUP/WHYPE being the most active pair. It can also be found on a few other decentralised exchanges such as UltraSolid V3 and Project X.

What is the current market cap of PUP Token?

Its market capitalisation is roughly $85 million, ranking it in the top 600 cryptocurrencies by size.

Why is there a caution about the whitepaper?

A detailed whitepaper or technical documentation is currently unavailable, which means tokenomics and governance details are not fully transparent.

Is PUP Token safer than other meme coins?

Not necessarily. While it has strong momentum, it carries similar volatility and speculative risk as other meme assets.

What should I watch if I invest in PUP Token?

Track daily trading volumes, price performance, distribution updates, and any new documentation or roadmap releases that provide clarity on the project.