Multicoin Capital, a cryptocurrency-focused venture firm, predicts that Hyperliquid’s HYPE could reach $319 by 2028. At the press time value of $63, that would imply upside potential of more than five times based on revenue potential.
At ~$63, HYPE trades at about 36x TTM earnings, or about 30x earnings. Based on our valuation frameworks and basic assumptions discussed in the full report, we forecast annual earnings of ~$8 billion by 2028, implying a price of ~$319 at a 20x multiple.
According to the VC firm, Hyperliquid will “continue to meaningfully amplify growth” as it expands beyond perpetual offerings (perpetrators) to its ‘unified everything exchange’ vision.
For the unfamiliar, Hyperliquid is an L1 chain and decentralized exchange designed for fast trading. Initially starting with crypto offenders, it has expanded to RWA (real-world tokenization), prediction markets, and options trading.
Multicoin has noticed this Hyperfluid [HYPE] the number of users tripled, from over 300,000 to almost 1 million, by 2025. Trading volumes increased to $2.9 trillion, allowing the DEX to rake in $873 million in revenue.
The record growth increased the dominance of the DeFi perpetrators to almost 60%. And it has taken significant market share from centralized exchanges like Binance.
For the VC firm, Hyperliquid’s traction mirrored The early days of Binance, but with more catalysts.
Hyperliquid follows a similar playbook, but with structural advantages that Binance did not have. There is no custody, execution is completely on-chain and verifiable, and revenue is used for daily token repurchases rather than going into a separate equity tier.
Overall, in the bear case scenario, the company expects the HYPE price to reach $109, with a bullish scenario target of $689.
Multicoin acknowledged potential risks to the DEX, such as US regulation, limited decentralization and competition. But said these risks could be managed.
HYPE: Demand for whales and ETFs
On the demand front, some whales have added positions after the recent dip. A new whale bought $14 million in HYPE via Coinbase. Another existing major investor increased its HYPE exposure to $9.8 million.
The renewed Spot bids by whales followed the HYPE price drop to the $60 level, which is the previous peak price. It was possible that altcoin could consolidate above this zone before a new leg of the rally gets underway.
The short-term sideways thesis has been further reinforced by ETF flows that have declined recently.
In June, the American Spot HYPE ETFs even had five days without outflows. That’s about a week without buying or selling interest. If the trend continues, HYPE could consolidate around the $60-$75 price range for a while.
Final summary
- Venture firm Multicoin expects HYPE to rise five times to $319 over the next two years
- It noted that potential risks such as US regulatory burden and decentralization can be managed.