Can HYPE rise another 400%? Multicoin: The market underestimates the potential, and it could reach $319 by 2028.

Venture capital firm Multicoin released a report bullish on Hyperliquid's native token HYPE, pointing out that it has evolved into an all-purpose exchange, with a potential target of $319 by 2028.

Crypto venture capital firm Multicoin Capital published a major bullish report, stating that the market severely underestimates Hyperliquid's native token HYPE. The firm believes that as Hyperliquid evolves from a decentralized exchange into an "all-purpose exchange" where "everything can be traded," HYPE could soar to $319 by 2028, representing over 400% upside from its current price.

In a research report released on Thursday, Multicoin pointed out that HYPE's current price of around $63 fails to fully reflect Hyperliquid's future growth potential. The report stated:

Currently, HYPE is hovering around $63. We believe the market has completely mispriced it, as everyone sees Hyperliquid only as a fast-growing decentralized perpetual contract exchange — a perspective that is too narrow.

Multicoin estimates that under a base scenario, HYPE could generate annual profits of approximately $8 billion by 2028. Based on a "20x P/E ratio," the fair value of HYPE should be around $319.

The report further revealed that since February this year, Multicoin has been aggressively buying HYPE on the market: "HYPE is now one of the largest core holdings in our liquidity hedge fund."

Driven by a series of positive catalysts, including strong inflows from newly listed ETFs, impressive revenue performance, and an active token buyback program by the official team, HYPE recently hit a new all-time high, briefly breaking above $76.

Multicoin believes that Hyperliquid is no longer just a perpetual contract trading platform but is gradually developing into a more comprehensive on-chain financial infrastructure. The most representative example is the recently launched HIP-3 tokenized stock perpetual contract market, which processed $1.4 billion in trading volume on SpaceX's first day of trading, accounting for approximately 30% of all HIP-3 trading volume that day.

Multicoin noted that throughout 2025, Hyperliquid's user count surged from about 300k to 923k; open interest more than tripled, jumping from $2 billion to $6 billion.

The report further disclosed that Hyperliquid generated approximately $873 million in impressive revenue last year, with annual trading volume reaching $2.9 trillion, firmly securing its position as the world's largest decentralized derivatives exchange and one of the fastest-growing financial applications globally.

"Our estimated base target price of $319 may actually be conservative," Multicoin pointed out, noting that the current model has not yet factored in multiple potential catalysts, including the upcoming HIP-4 upgrade, HyperEVM, and the synergies from the launch of portfolio margin functionality on its flagship product.

To reinforce the credibility of its prediction, Multicoin also highlighted past successful investment cases. The report mentioned that the firm publicly called for a bullish outlook on BNB back in 2019 when it was around $10, and now BNB has surpassed $550. Additionally, Multicoin was one of the earliest and most important supporters of the Solana ecosystem.

• This article is republished with authorization from: Blockcast
• Original title: "Over 400% Upside! Multicoin Forecasts HYPE Token to Reach $319 by 2028"
• Original author: Blockchain Sister Mel