Key Takeaways
- • Multicoin Capital projects Hyperliquid's HYPE token could reach $319 by 2028 under a base-case scenario, implying approximately 400% upside from the current price of ~$63.
- • The valuation thesis assumes Hyperliquid generates approximately $8 billion in annual fee revenue by 2028, valued at a 20x earnings multiple.
- • HYPE currently trades at a P/E ratio of approximately 30–36x trailing twelve-month (TTM) earnings, positioning it as undervalued relative to its projected growth trajectory, according to Multicoin's analysis.
- • Multicoin Capital characterizes Hyperliquid as evolving into an "everything exchange," with the firm projecting that open interest and user base will triple in 2025.
- • The analysis positions HYPE as a core holding for Multicoin Capital's portfolio amid the platform's expansion beyond derivatives trading.
Summary
Multicoin Capital, a prominent crypto-focused venture capital firm, has released a bullish valuation analysis on Hyperliquid's HYPE token, projecting it could surge to $319 by 2028 in its base-case scenario. At current trading levels near $63, this represents approximately 400% upside potential over the next two years. The projection is anchored to a specific revenue milestone: Hyperliquid achieving approximately $8 billion in annual fee revenue by 2028, valued at a 20x earnings multiple under Multicoin's modeling assumptions.
The investment thesis rests on a relative valuation argument. Currently, HYPE trades at approximately 30–36x trailing twelve-month earnings, a multiple that Multicoin characterizes as undervalued given the platform's growth trajectory and market opportunity. This positions the token as trading at a discount to its projected 2028 earnings power, creating what Multicoin views as asymmetric upside for investors.
Multicoin's analysis emphasizes Hyperliquid's strategic positioning as an "everything exchange"—a platform expanding beyond its current derivatives-focused offering to broaden its product suite and user addressable market. The firm notes that Hyperliquid's open interest and user base tripled in 2025, evidence that the platform is capturing meaningful market share in decentralized exchange activity. This user and liquidity growth trajectory underpins the revenue projections necessary to justify the $319 target price.
The analysis reflects Multicoin Capital's conviction that Hyperliquid represents a significant value opportunity within the firm's portfolio. By anchoring the projection to concrete revenue assumptions rather than purely speculative narratives, Multicoin provides institutional investors with a transparent framework for evaluating the token's intrinsic value relative to current market pricing. However, investors should note that achieving the $8 billion revenue target by 2028 requires sustained platform adoption and competitive positioning in an increasingly crowded decentralized finance landscape.
The investment thesis rests on a relative valuation argument. Currently, HYPE trades at approximately 30–36x trailing twelve-month earnings, a multiple that Multicoin characterizes as undervalued given the platform's growth trajectory and market opportunity. This positions the token as trading at a discount to its projected 2028 earnings power, creating what Multicoin views as asymmetric upside for investors.
Multicoin's analysis emphasizes Hyperliquid's strategic positioning as an "everything exchange"—a platform expanding beyond its current derivatives-focused offering to broaden its product suite and user addressable market. The firm notes that Hyperliquid's open interest and user base tripled in 2025, evidence that the platform is capturing meaningful market share in decentralized exchange activity. This user and liquidity growth trajectory underpins the revenue projections necessary to justify the $319 target price.
The analysis reflects Multicoin Capital's conviction that Hyperliquid represents a significant value opportunity within the firm's portfolio. By anchoring the projection to concrete revenue assumptions rather than purely speculative narratives, Multicoin provides institutional investors with a transparent framework for evaluating the token's intrinsic value relative to current market pricing. However, investors should note that achieving the $8 billion revenue target by 2028 requires sustained platform adoption and competitive positioning in an increasingly crowded decentralized finance landscape.
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