Hyperliquid's HYPE Token May Have More Upside, Says Grayscale Research
Hyperliquid's native token, HYPE, has been performing well in 2026, but experts believe it may have even more growth potential. According to Grayscale Research, Zach Pandl thinks that by next year, the HYPE token will be worth between 15 and 18 times Hyperliquid's earnings.
This valuation is significantly lower than Coinbase's stock, which is expected to be around 35 times its earnings, while Circle's stock is predicted to be closer to 40 times its earnings. Pandl attributes this disparity in value to the fact that trading activity on Hyperliquid accrues value to the HYPE token.
The HYPE token has experienced a slight downturn, with a 4.4% drop to $55.31 over the past 24 hours, according to CoinGlass data. Despite this, Pandl believes that HYPE is currently undervalued, stating 'the token can be valued with cash flows.'