Multicoin Capital has predicted that Hyperliquid’s HYPE token might hit $319 by 2028. However, they have also pointed out various structural and market risks that could threaten these long-term forecasts.
Summary
- Multicoin Capital expects HYPE to reach $319 by 2028, driven by Hyperliquid’s revenue growth and expanded market share.
- The firm emphasized HIP-3, token buybacks, and increasing perpetual futures activity as vital factors supporting this optimistic outlook.
- Despite the positive prediction, Multicoin warned that regulatory challenges, competition, governance risks, and a bearish double-top pattern could threaten HYPE.
A recent analysis from Multicoin Capital indicates that Hyperliquid (HYPE) could potentially increase about fivefold from its current price of roughly $64, assuming a base-case scenario where Hyperliquid achieves approximately $8 billion in annual earnings by 2028 and trades at a 20-times earnings multiple.
Multicoin revealed that it began accumulating HYPE in February, establishing a significant position in its liquid fund and implementing a three-day no-trade policy following the report’s release.
Factors Contributing to Multicoin’s Confidence in Hyperliquid’s Valuation
A considerable portion of the firm’s assurance arises from Hyperliquid’s rapid growth in 2025. Multicoin noted that the decentralized exchange generated around $873 million in revenue from approximately $2.9 trillion in trading volume, growing its user base from about 301,000 to 923,000. During this period, open interest climbed from nearly $2 billion to $6 billion.
Current market data cited in the report estimates that Hyperliquid now comprises over 59% of the open interest in decentralized perpetual futures. Its total open interest has reached about $9.6 billion, surpassing that of its largest on-chain competitors combined.
Beyond decentralized markets, Multicoin argued that Hyperliquid is effectively closing the gap with centralized exchanges. The monthly trading volume for perpetual futures has reached nearly 17% of Binance’s, while open interest constitutes about 21% of Binance’s, mirroring Binance’s early growth trajectory.
Another crucial aspect of the investment rationale is HIP-3, an upgrade that allows third-party teams to create perpetual markets tied to assets like stocks, commodities, and equity indices.
According to Multicoin, open interest related to real-world assets has already surpassed $2.9 billion, with an officially licensed S&P 500 perpetual contract recording over $100 million in average daily trading volume in its first week.
The report also forecasts that options trading, prediction markets, portfolio margining, and enhanced integration with HyperEVM applications will broaden Hyperliquid’s revenue opportunities in the coming years. Multicoin suggested that these advancements could transform the platform into what it terms an “everything exchange,” providing continuous access to various asset classes.
Risks That Could Impact the $319 Projection
Despite its favorable valuation, Multicoin recognized several factors that could undermine its forecasts. The report identified challenges related to decentralization, regulatory uncertainties, governance issues, increasing competition, and potential bad debt as the primary risks facing the protocol.
Value capture is another factor that supports the firm’s optimistic view. The report claims that nearly 99% of Hyperliquid’s protocol revenue is directed towards repurchasing HYPE, effectively removing those tokens from circulation. Multicoin also pointed out that Hyperliquid has never sought outside funding and operates without a distinct equity layer, allowing the protocol’s economics to directly benefit token holders.
The report estimates that Hyperliquid has generated around $869 million in trailing earnings for HYPE holders. With a token price around $63, Multicoin calculated that HYPE is trading at about 36 times trailing earnings, or approximately 30 times when considering revenue associated with Hyperliquid’s collaboration with Coinbase and USDC.
At the same time, technical analyses suggest a more cautious outlook than the firm’s long-term forecast. On the four-hour chart, HYPE appears to be forming a bearish double-top pattern with a neckline around the $52.7 support level.
If sellers push the token beneath that threshold and confirm the pattern, the potential downside target could fall to the $28.5 range, suggesting that traders may closely watch technical risks alongside Multicoin’s long-term fundamental predictions.
Disclosure: This article should not be taken as investment advice. The information and materials present on this page are intended solely for educational purposes.
