Multicoin backs US$319 HYPE forecast
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- Multicoin Capital forecasts Hyperliquid's HYPE token could reach US$319 by 2028 under its base-case valuation model.
- The investment firm said Hyperliquid's growing revenue, trading activity and token buyback model support its long-term outlook.
- Multicoin also warned that regulatory, governance, competition and technical risks could prevent the forecast from being realised.
Multicoin Capital said Hyperliquid's HYPE (CRYPTO:HYPE) token could reach US$319 by 2028 under its base-case model, assuming the protocol generates about US$8 billion in annual earnings and trades at a 20-times earnings multiple.
The investment firm said it began accumulating HYPE in February, making the token one of the largest positions in its liquid fund, while adopting a three-day no-trade policy after publishing the report.
Multicoin said Hyperliquid generated about US$873 million in revenue from approximately US$2.9 trillion in trading volume during 2025, while expanding its user base from about 301,000 to 923,000.
The report said Hyperliquid now accounts for more than 59% of decentralised perpetual futures open interest and highlighted HIP-3, which allows third-party developers to launch perpetual markets linked to assets including equities, commodities and market indices.
Multicoin also identified several risks that could affect its valuation, including regulatory uncertainty, governance challenges, increasing competition, decentralisation concerns and the potential for bad debt within the protocol.
According to the report, about 99% of Hyperliquid's protocol revenue is used to repurchase HYPE tokens, while the firm estimated the protocol has generated about US$869 million in trailing earnings for token holders.
Despite its long-term outlook, Multicoin noted that shorter-term technical analysis suggests HYPE is forming a bearish double-top pattern, with support near US$52.70 and a potential downside target around US$28.50 if that level is broken.
At the time of reporting, Hyperliquid price was $61.91.
