Multicoin Predicts HYPE Hits $319 by 2028
Multicoin Capital predicts Hyperliquid's HYPE token could reach $319 by 2028, citing the exchange's growth and expansion. The firm's base case projects $8B annual earnings by 2028, with a 20x P/E multiple. HYPE recently hit an all-time high above $76 but has since pulled back to $62.47. Hyperliquid's user base tripled in 2025, and its trading volume made it the largest decentralized derivatives exchange.
How this was made
The 30-second read
Why it matters
The report could drive short‑term buying pressure on HYPE and influence sentiment toward other DeFi tokens.
Market read
A new, aggressive valuation for a leading DeFi token may shift capital flows within the crypto sector.
What to watch
Regulatory risk to decentralized exchanges and potential market downturn could limit upside.
Background
Multicoin Capital is a well‑known crypto investment firm that previously identified undervalued tokens such as BNB.
Ticker impact
Multicoin Capital published a new price target of $319 for the HYPE token, citing projected 2028 earnings of $8 bn and a 20× PE multiple.
Short‑term rally as traders price in the bullish target; volatility likely to increase.
The report provides a concrete valuation model and recent aggressive buying by a large hedge fund, creating a clear catalyst.
Market effects
Highlights growing institutional interest in decentralized derivatives tokens, may boost related DeFi assets.
Primarily impacts global crypto markets; no specific regional bias.
Adds to broader narrative of crypto assets gaining valuation support from hedge funds.
Counterpoint
The $319 target assumes aggressive earnings growth and a 20× PE, which may be unrealistic if user growth stalls.
Key entities
- investment_firmMulticoin Capital
Crypto hedge fund publishing the price target.
- exchangeHyperliquid
Operator of the HYPE token and decentralized derivatives platform.
