Cypto-native investment firm Multicoin Capital has predicted that decentralized perpetuals trading exchange Hyperliquid’s native HYPE token is severely mispriced at its current valuation. In a report released on Thursday, Multicoin Capital noted that it sees HYPE trading at $319 by 2028.
Market is not pricing HYPE accurately
According to the report, Multicoin Capital foresees HYPE appreciating by as much as 400 percent over the next few years. The firm said that Hyperliquid is evolving from being a popular DEX into an “everything exchange.” The report reads:
“At ~$63, we believe the market is deeply mispricing HYPE, viewing it too narrowly as just a fast-growing perp DEX. In our base case scenario, we see HYPE generating ~$8 billion in annual earnings by 2028, which would imbue a price of ~$319 at a 20x earnings multiple.”
Multicoin Capital revealed that it has been buying HYPE since February, and the token now forms one of the largest positions in the firm’s liquid hedge fund. The firm also shared several metrics to highlight Hyperliquid’s success over the past year.
For instance, the platform’s user base rose from around 300,000 to 925,000 in 2025. In the same duration, open interest on the trading avenue increased from $2 billion to as high as $6 billion.
Over the past year, Hyperliquid has also generated around $873 million in revenue, and processed $2.9 trillion in trading volume. The latest example of Hyperliquid’s popularity is its HIP-3 perpetual market for SpaceX shares, which processed $1.4 billion in trading volume on day the company launched its IPO.
Multicoin Capital remarked that its $319 target doesn’t take into consideration several other bullish catalysts, such as HIP-4, HyperEVM, builder-code distribution, and others. Notably, Multicoin Capital isn’t the first firm to dub HYPE undervalued.
On May 19, crypto asset management firm Bitwise called HYPE “one of crypto’s most undervalued assets.” The thesis was similar, as the firm remarked that investors are still treating Hyperliquid as just a DEX instead of a financial super-app.
HYPE weathering the crypto market rout
While the rest of the crypto market is struggling – with Bitcoin recently making its 2026 low – HYPE is one of the few tokens that is withstanding the bearish sentiment. On a year-to-date basis, HYPE is still up by about 148 percent.
On the technical front, HYPE is eyeing the psychologically important $100 target. However, the journey to a new all-time high is not going to be easy.
On June 3, Solana VM-based layer-1 blockchain Solayer rolled out Margin Trade, a direct competitor to Hyperliquid geared toward eating some of its market share. Similarly, on June 4, noted crypto entrepreneur Arthur Hayes revealed that he had fully dumped his HYPE holdings.
