Multicoin Capital Report: HYPE Could Reach $319 by 2028, Backed by CEX-Like Revenue Model

Multicoin Capital's latest report sets a base-case valuation of $319 for Hyperliquid's HYPE token by 2028, implying ~4x upside from current levels. The key driver is Hyperliquid's shift to a centralized exchange-like business model: high trading share, 99% fee buyback-and-burn policy, HIP-3 market deployment, USDC reserve yields, and wallet onboarding expansion. However, the valuation is highly contingent on actual revenue realization.