HYPE briefly overtakes Dogecoin, privacy tokens slide as US strikes on Iran rattle markets
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ZEC and XMR dropped 5% in a session that saw most major tokens pull back after weeks of gains, with the move tracking renewed Middle East tension and a rebound in oil prices.
May 26, 2026, 4:57 a.m. 2 min read
- Privacy tokens led crypto declines, with Zcash falling 5.2% and Monero 4%, though both remain among the market’s stronger recent performers.
- Traders framed the pullback in Zcash as profit-taking after a sharp rally driven by institutional interest and a renewed narrative around privacy tokens.
- Broader crypto markets were mostly rangebound as geopolitical tensions in the Middle East lifted oil prices and the dollar, while U.S. equities futures edged higher.
Privacy tokens gave back the loudest share of the gains crypto markets had been holding onto.
Zcash (ZEC) dropped 5.2% over 24 hours to $619, the biggest pullback among the top 20 by market cap, though the token is still up 8.2% over the past seven days, per CoinDesk data. Monero (XMR) fell 4% to $378.
Both have been among the strongest performers across crypto over the past several weeks, with ZEC drawing institutional attention after Multicoin Capital’s stake disclosure earlier this month and the broader narrative around privacy tokens.
A 5% drop after that kind of run reads as profit-taking rather than fresh selling, since the structural buyers in privacy tokens have been adding through the rally, not distributing into it.
Hyperliquid’s HYPE token traded above Dogecoin’s market cap during Asian hours before pulling back, with HYPE down 4% to $59 and DOGE$0.1016 off 0.8% to $0.1009. HYPE is still up 23.6% over the past seven days on the back of last week’s SpaceX pre-IPO perpetual launch on Hyperliquid.
Tron (TRX) was the lone gainer among the top 10, up 2.6% to $0.3739 and 4.8% over the past seven days. Bitcoin held near $76,500, ether sat at $2,087, and Solana traded at $83.97, all in tight ranges with no major move in either direction.
The macro backdrop drove the cautious tone. US Central Command confirmed strikes on missile launch sites in Iran and boats attempting to place mines in the Strait of Hormuz, describing the action as defensive.
Brent crude rose almost 2% to $98 a barrel, bouncing back from Monday’s 7% slump when London and New York were closed for holidays. The dollar strengthened against all G-10 peers, gold pulled back 0.6% to $4,545, and S&P 500 futures held a 0.6% gain after Monday’s US market closure.
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