Multicoin Capital projected that Hyperliquid's HYPE token could reach approximately $319 by 2028, representing more than 400% upside from its current price near $63. The forecast is based on the firm's view that Hyperliquid is undervalued as it evolves from a decentralized perpetual futures venue into what Multicoin calls an "everything exchange," a broader on-chain financial ecosystem. In its base case, Multicoin estimates the protocol could generate roughly $8 billion in annual profit by 2028, applying a valuation multiple of approximately 20 times earnings to reach the $319 target.
Multicoin Capital's Valuation Methodology
Multicoin Capital's base case assumes Hyperliquid generates roughly $8 billion in annual profit by 2028. The firm applies a valuation multiple of about 20 times earnings to this profit estimate, producing the $319 price target. The forecast rests on Hyperliquid's expansion from its current position as a decentralized perpetual futures venue into a broader on-chain financial platform offering spot trading, lending, and other services.
Protocol Revenue and Token Buyback Strategy
Multicoin points to strong protocol revenues, aggressive token buybacks, and growing demand from exchange-traded funds as the main engines of long-term growth. Buybacks reduce circulating supply as fees accrue, while ETF inflows would widen the pool of buyers beyond crypto-native traders. Hyperliquid has built its position as one of the most heavily used on-chain derivatives venues, and the firm argues that its revenue base gives it the foundation to expand into additional financial services.
Multicoin Capital Discloses Aggressive HYPE Accumulation Since February
Multicoin disclosed it has been buying HYPE aggressively since February, building one of the largest positions in its liquid hedge fund. HYPE recently traded near $63 after peaking above $76 earlier in the year, leaving Multicoin's target well above current levels. The firm's $319 target sits well above rival 2028 estimates and depends on Hyperliquid successfully broadening from derivatives into a wider financial platform. Reaching the target would require sustained growth in both usage and earnings over several years.
FAQ
What is Multicoin Capital's price target for Hyperliquid's HYPE token by 2028?
Multicoin Capital projected that HYPE could reach approximately $319 by 2028, representing more than 400% upside from its current price near $63. The forecast is based on the firm's base case assumption that Hyperliquid generates roughly $8 billion in annual profit by 2028, valued at about 20 times earnings.
Why does Multicoin Capital believe HYPE is undervalued?
Multicoin argues the market is significantly undervaluing HYPE because Hyperliquid is evolving from a decentralized perpetual futures venue into what the firm calls an "everything exchange," a broader on-chain financial ecosystem. The firm points to strong protocol revenues, aggressive token buybacks, and growing demand from exchange-traded funds as the main drivers of long-term growth.
