Multicoin Capital released a report on Hyperliquid (HYPE), projecting a base case price of $319 by 2028, representing a 406% gain from the current price of $63. The firm argues that the market undervalues Hyperliquid as a perpetuals exchange, while it is becoming an 'everything exchange.' The valuation is based on a 20x earnings multiple on $8 billion in projected 2028 earnings, resulting in a $160 billion market cap across an adjusted token supply of 502 million. The base case assumes conservative growth: 35% CAGR in crypto derivatives volume, DEXs capturing 32% of the market, Hyperliquid holding a 30% share, and USDC balances growing with volume. Alternative scenarios include a bear case of $109 (73% gain) and a bull case of $689 (993% gain) based on $17.3 billion cash flow. The report compares Hyperliquid's trajectory to Binance's early growth. Risks include regulatory uncertainty, validator set issues, and monthly contributor unlocks. HYPE is currently trading at $63, down from an all-time high of $76.7.

Key facts

• Multicoin Capital predicts HYPE at $319 by 2028, 406% gain from $63.
• Valuation uses 20x earnings on $8B projected 2028 earnings, $160B market cap.
• Base case assumptions: 35% CAGR in derivatives, DEX share 32%, Hyperliquid 30%.
• Bear case $109, bull case $689 with $17.3B cash flow.
• HYPE currently at $63, down from ATH $76.7; risks include regulation and unlocks.

KeyAudit data perspective