Multicoin Capital's latest report values Hyperliquid token HYPE at a base case of $319 by 2028, representing roughly 4x upside from current prices. The valuation is anchored on Hyperliquid's centralized-exchange-like revenue model: high trading share, 99% protocol revenue used for buyback and burn, HIP-3 market deployment mechanism, USDC reserve yield, and wallet onboarding expansion. However, the report also cautions that the valuation is highly dependent on actual revenue delivery.
Multicoin Capital's valuation thesis for HYPE 2028
In its latest report, Multicoin Capital projects Hyperliquid's native token HYPE to reach a base-case valuation of $319 by 2028, suggesting roughly 4x upside from current levels. The report argues that the core support lies in Hyperliquid's revenue model which increasingly resembles that of centralized exchanges: high trading market share, 99% of protocol revenue directed to buyback and burn, the HIP-3 market deployment mechanism, USDC reserve yield, and wallet onboarding expansion.
Nevertheless, the valuation is heavily contingent on revenue realization. Should actual revenue fall short of expectations, HYPE could face significant downside risk. Investors are advised to closely monitor Hyperliquid's actual trading volumes, revenue data, and ecosystem development progress.
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