Multicoin Capital, a crypto-focused venture firm, predicts that Hyperliquid’s HYPE could reach $319 by 2028. The value, which was $63 at the time the news was published, means the potential for more than 5 times increase depending on the revenue generation potential.
At ~$63, HYPE is trading at roughly 36x TTM earnings, or around 30x earnings. Under our valuation frameworks and base case assumptions discussed throughout the report, we estimate annual earnings to be ~$8 billion through 2028; This translates to a price of ~$319 multiplied by 20.
According to the VC firm, Hyperliquid will “continue to meaningfully compound growth” as it expands beyond continuous offerings (perps) towards its ‘unified everything exchange’ vision.
For those who don’t know, Hyperliquid is an L1 chain and decentralized exchange designed for high-speed trading. It initially started with cryptocurrency custodians but has expanded into RWA (real world tokenization), prediction markets and options trading.
Multicoin noted: Hyperfluid (HYPE) The number of users tripled from 300 thousand to nearly 1 million in 2025. Trading volumes rose to $2.9 trillion, allowing the DEX to generate $873 million in revenue.
Record traction increased DeFi criminals’ dominance to almost 60%. And it takes significant market share from centralized exchanges like Binance.
Hyperliquid’s traction for VC firm mirrored It’s early days for Binance, but there are more catalysts ahead.
Hyperliquid follows a similar strategy but has structural advantages that Binance does not have. It requires no custody, execution is entirely on-chain and verifiable, and revenue is used for daily token buybacks rather than accruing to a separate equity layer.
Overall, in the bear case, the firm expects the HYPE price to reach $109 with a bullish scenario target of $689.
Multicoin acknowledged potential risks to the DEX, such as US regulations, limited decentralization and competition. However, he said these risks can be managed.
HYPE: Whales and ETF demand
On the demand side, some whales added positions after the last decline. a new whale acquired $14 million worth of HYPE via Coinbase. Another large investor increased HYPE exposure to $9.8 million.
Whales’ renewed Spot bids followed the HYPE price falling to the previous peak price of $60. It was possible for the altcoin to consolidate above this zone before triggering another leg of the rally.
The short-term sideways thesis has been further strengthened by recent slowing ETF flows.
In fact, in June, US Spot HYPE ETFs saw zero flows for five days. This means there has been no buying or selling interest for about a week. If the trend continues, HYPE may consolidate around this level. $60-75 price range for a while.
Final Summary
- Startup firm Multicoin expects HYPE to rise 5x to $319 in the next two years
- He noted that potential risks such as US regulatory pressure and decentralization can be managed.
