Multicoin Capital Predicts HYPE at $319 by 2028: The Logic Behind a 4x Upside and Key Risks

Multicoin Capital's latest report projects Hyperliquid's native token HYPE to reach a base-case valuation of $319 by 2028, representing approximately 4x upside from current levels. The bullish case rests on Hyperliquid's increasingly centralized-exchange-like revenue model: strong market share in perpetual trading, 99% of protocol revenue used for buyback-and-burn, HIP-3 market deployment mechanics, yield from USDC reserves, and wallet onboarding expansion. However, the report cautions that the valuation is highly contingent on actual revenue delivery, with significant downside risk if growth disappoints.