Multicoin partner is bullish on HYPE to $319, suggesting investors build positions in batches

BlockBeats news, July 15, Multicoin Capital managing partner Tushar Jain, during his appearance on the podcast "When Shift Happens," shared in detail his valuation logic and investment framework for HYPE. He believes HYPE is currently severely undervalued, that the benchmark valuation should be $319, and that a pragmatic accumulation strategy should be used to handle volatility.

**Buying-the-dip strategy: give up "perfect timing" and use the "three one-thirds" approach **

Tushar admits that trying to precisely bottom-tick is almost impossible. The recommended framework is:

The first one-third: buy immediately (enter right away)

The second one-third: DCA according to a fixed schedule (for example, in batches over 1-2 months)

The third one-third: add more opportunistically when the price dips

This approach can significantly reduce psychological pressure, while achieving a good average cost over the long term when you remain bullish on the asset.

Four conservative assumptions behind the $319 benchmark valuation

Tushar's valuation model is based on the following four relatively conservative assumptions:

Over the next two years, the trading volume of crypto derivatives maintains a 35% year-over-year compound growth rate;

The market share of DeFi derivatives increases to 32%;

USDC collateral balances grow in line with trading volume;

Some projects' "false prosperity," currently created through subsidies, will disappear after those subsidies end, and Hyperliquid's real market share will further rise.

Even with these conservative assumptions, HYPE's current price still has significant upside potential, and under some optimistic scenarios it may exceed $600.

Overall take on Hyperliquid

Tushar believes Hyperliquid is far more than a high-growth perpetual contracts platform—it could become a core piece of crypto financial infrastructure.