Multicoin Capital reported that Hyperliquid’s HYPE token could reach $319 in 2028 despite identifying several structural and market risks that could threaten its long-term outlook.
Summary
- Multicoin Capital has predicted a HYPE price of $319 by 2028, citing Hyperliquid’s revenue growth and expanding market share.
- The company identified HIP-3, token purchases, and future job growth as key drivers behind its bullish outlook.
- Despite the optimistic target, Multicoin warned that regulation, competition, management risks, and a bearish double-top pattern could suppress HYPE.
According to a new report from Multicoin Capital, the investment firm expects Hyperliquid (HYPE) to appreciate nearly five times its current price of around $64, based on the scenario where Hyperliquid generates about $8 billion in annual revenue by 2028 and trades at a 20-times multiple.
Multicoin also revealed that it started accumulating HYPE in February, making it one of the largest positions in its liquid portfolio, while adopting a three-day no-trade policy after publishing the report.
Why Multicoin believes Hyperliquid can justify high valuations
Most of the company’s confidence comes from the rapid expansion of Hyperliquid through 2025. According to Multicoin, the decentralized exchange generated about $873 million in revenue from about $2.9 trillion in trading volume while growing its user base from 301,000 to 923,000. At the same time, open interest increased from about $2 billion to $6 billion.
Current market data cited in the report shows that Hyperliquid now accounts for more than 59% of the open futures volume. Its outstanding open interest has also reached nearly $9.6 billion, surpassing that of its largest competitors combined.
Beyond the reduced markets, Multicoin argued that Hyperliquid continued to narrow the gap with centralized exchanges. Monthly futures trading volume has reached about 17% of Binance’s level, while open interest stands at about 21% of Binance’s, the company’s figure is comparable to Binance’s early growth trajectory.
Another pillar of the investment case is HIP-3, a development that allows third-party groups to launch permanent markets tied to assets such as stocks, commodities, and equity indices.
According to Multicoin, open interest linked to real-world assets has already exceeded $2.9 billion, while the S&P 500 perpetual contract with an official license generated more than $100 million in average daily trading volume during its first week.
The report also expects options trading, prediction markets, portfolio segmentation, and deep integration with HyperEVM applications to increase Hyperliquid’s revenue opportunities in the coming years. Multicoin argued that these additions could help transform the platform into what it described as an “everything exchange” that offers round-the-clock access to multiple asset classes.
What risks could prevent the $319 forecast
Even with its positive rating, Multicoin admitted that several factors could affect its forecast. The report identified decentralization challenges, legal uncertainty, administrative problems, increased competition, and potential bad debt as the main risks facing the law.
Value capture is yet another reason for the company’s outlook. According to the report, approximately 99% of the Hyperliquid protocol revenue is used to repurchase HYPE, with those tokens effectively removed from circulation. Multicoin also noted that Hyperliquid has never raised external capital and operates without a separate equity layer, allowing the protocol’s economy to accrue directly to token holders.
The report estimates that Hyperliquid made about $869 million in profit tracking for HYPE owners. Based on the token’s price near $63, Multicoin calculated that HYPE trades at about 36 times trailing earnings, or about 30 times after accounting for revenue related to Coinbase’s Hyperliquid deal with USDC.
Meanwhile, technical charts paint a more cautious picture than the company’s long-term forecast. In the four-hour time frame, HYPE formed a bearish double-top pattern, with a neckline near the $52.7 support level.
If traders push the token below that support and confirm the pattern, the scaled down target points to the $28.5 area, suggesting traders may continue to view technical risks alongside the long-term fundamental outlook for Multicoin.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
