Crypto markets have started positively, with notable outperformance by assets like WLD (up 84%), PUMP (up 39%), and HYPE (up 18%). The competition around Hyperliquid’s native USDH ticker has intensified, with issuers like Paxos and Native Markets presenting aggressive revenue-sharing proposals ahead of a crucial governance vote on Sept. 14. Native Markets aims for ecosystem alignment, whereas Paxos promotes its proven regulatory compliance. Hyperliquid could gain significantly from migrating $5 billion in USDC to USDH, potentially boosting its annual revenue by $200 million. Additionally, PUMP has been performing well, reclaiming a substantial market share and focusing on token buybacks. Meanwhile, SOL experiences flows driven by DATCOs, with significant investment commitments and potential Solana ETF approvals on the horizon. Concurrently, StablecoinX announced a $530 million capital raise for ENA acquisitions and Eightco Holdings revealed a $250 million raise for a Worldcoin-based DATCO strategy. The article contrasts value-driven movements in assets like HYPE and PUMP with momentum-driven flows for SOL, ENA, and WLD, highlighting the varied influences on crypto prices.

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