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Multicoin Capital Report: HYPE at $319 by 2028, Backed by Revenue Buyback, HIP-3, and Wallet Expansion

Multicoin Capital Report: HYPE at $319 by 2028, Backed by Revenue Buyback, HIP-3, and Wallet Expansion

N
News Editor
2026-06-28 12:31:28
Multicoin Capital released a report forecasting Hyperliquid's HYPE token to reach a base case of $319 by 2028, implying a 4x upside from current levels. The valuation is underpinned by five key drivers: high trading market share, 99% of protocol revenue used for buyback and burn, the HIP-3 market deployment mechanism, USDC reserve yield, and wallet integration expansion. However, the report cautions that the valuation heavily depends on the continuation and growth of protocol revenue, with risks including market competition and macro downturns. This article dissects the report's core arguments and the assumptions behind the bullish price target.

Valuation Basis: $319 Base Case by 2028, 4x Upside

Multicoin Capital’s latest report on Hyperliquid sets a base case price target of $319 for the HYPE token by 2028, representing roughly a 4x increase from current levels. The report characterizes Hyperliquid as a ‘decentralized derivatives protocol with centralized exchange-like economics,’ highlighting its unique revenue model as the foundation for the bullish thesis.

Five Pillars of Value: Revenue, Buyback, Mechanism & Ecosystem

The report identifies five key drivers supporting HYPE’s value:

  • High Trading Market Share: Hyperliquid has captured a significant share of the perpetual futures trading market, with protocol revenue primarily derived from trading fees. The share is expected to grow further.
  • 99% Protocol Revenue Buyback & Burn: The protocol directs 99% of its revenue to repurchase HYPE on the open market and burn it, creating a deflationary supply reduction that directly supports the token price.
  • HIP-3 Market Deployment Mechanism: The HIP-3 proposal enables community voting to list new trading pairs, increasing market depth and volume while granting token holders governance rights.
  • USDC Reserve Yield: Accumulated USDC reserves are deployed into yield-generating activities (e.g., DeFi lending), with a portion of the yield distributed to HYPE stakers or used for additional buybacks, enhancing passive income for holders.
  • Wallet Integration Expansion: Continuous improvements to the wallet experience and integration with third-party wallets lower the barrier to entry, expanding the user base and driving transaction volumes.

Risk Factors: Valuation Relies on Revenue Delivery

The report stresses that the $319 base case depends on sustained revenue growth. If trading volumes decline, competing protocols (e.g., dYdX, GMX) gain market share, or the broader crypto market enters a bear phase, HYPE’s actual price may deviate significantly from the forecast. Additionally, the efficiency of HIP-3 governance and USDC reserve yield volatility could impact revenue figures. Investors are advised to monitor Hyperliquid’s monthly revenue data and burn progress to validate whether the valuation thesis remains intact.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.
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