Multicoin Capital projects Hyperliquid (HYPE) could reach $319 by 2028, a 406% gain from current levels of $63.
The firm argued that the market values the platform too narrowly as a fast-growing perpetuals exchange rather than what it calls an emerging “everything exchange.”
Inside the HYPE Valuation Math
Multicoin reached the $319 figure by applying a 20-times multiple to $8 billion in projected 2028 earnings. That produces a $160 billion valuation, spread across an adjusted supply of about 502 million tokens.
“In our base case scenario, we see HYPE generating ~$8 billion in annual earnings by 2028, which would imbue a price of ~$319 at a 20x earnings multiple,” the firm said.
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The firm built the base case on four assumptions, which it describes as conservative. The firm models a 35% compound annual growth rate in crypto derivatives volume, decentralized exchanges rising to 32% of the derivatives market, Hyperliquid holding a 30% share, and USDC balances growing in line with volume.
Multicoin also framed two alternative outcomes. Its bear case assumes slower growth and a $109 token price, for a 73% gain. Its bull case reaches $689, a 993% increase, on $17.3 billion in projected cash flow.
“Hyperliquid’s trajectory looks eerily similar to Binance’s early years. In 2017, Binance went from a new upstart to the dominant CEX in approximately six months,” the report added.
The report also outlines risks to the thesis, including regulatory uncertainty, Hyperliquid’s validator set, and a monthly contributor unlock.
The forecast arrives as HYPE continues to trend downward with the broader market. The token hit an all-time high of $76.7 on June 16 before easing back. At press time, it traded near $63, down 0.26% over the past day.
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