Multicoin Capital dropped a heavy bullish report, arguing the market severely underestimates Hyperliquid's native token HYPE. The firm set a 2028 price target of $319, representing over 400% upside from the current ~$63 level.
$319 Target Based on 20x P/E
In the base case, Hyperliquid could generate about $8 billion in annual profit by 2028. Applying a 20x price-to-earnings multiple yields a fair value of $319 per HYPE. The report also revealed Multicoin has been aggressively buying HYPE since February, making it the largest core holding in its liquid hedge fund.
Multiple Catalysts Fuel Momentum
HYPE recently hit a new all-time high above $76, driven by strong ETF inflows, robust revenue, and an active token buyback program. Multicoin highlighted Hyperliquid's evolution from a perpetual swap DEX to a full on-chain financial infrastructure. The HIP-3 tokenized equity perpetual market processed $1.4 billion in volume on SpaceX's listing day alone, roughly 30% of all HIP-3 daily volume.
Usage Metrics Surge
In 2025, Hyperliquid's user base grew from about 300,000 to 923,000, while open interest tripled from $2 billion to $6 billion. The platform generated $873 million in revenue last year and handled $2.9 trillion in total trading volume, cementing its position as the world's largest decentralized derivatives exchange and one of the fastest-growing financial apps globally.
Upside Not Yet Priced In
Multicoin noted the $319 base target is still conservative, as the model excludes upcoming catalysts like the HIP-4 upgrade, HyperEVM, and portfolio margin features. The report also recalled Multicoin's past calls — going public bullish on BNB in 2019 when it traded around $10 (now above $550), and being an early backer of Solana.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The views expressed are those of the author and do not necessarily reflect those of Blockcast.