Multicoin’s report says the market currently only views Hyperliquid as a fast-growing perpetual contracts DEX, underestimating HYPE’s valuation upside. It expects that as Hyperliquid gradually develops into a comprehensive trading platform covering more asset classes, HYPE’s price could reach around $319 by 2028. Multicoin said that since February this year, it has continued to increase its HYPE holdings, and that it has become an important position in its liquidity hedge fund. The report estimates that by 2028, Hyperliquid’s annualized earnings could reach approximately $8 billion. Hyperion DeFi CEO Hyunsu Jung said that Hyperliquid’s valuation should be benchmarked against trading platforms such as CME, Interactive Brokers, and Robinhood, rather than being priced only as a perpetual contracts exchange. (The Block)

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