Multicoin Predicts $319 Hype Target for Native Token

Multicoin Capital is predicting that Hyperliquid's native token, HYPE, could reach $319 by 2028. The investment firm argues that the market is underpricing HYPE and that it has been buying the token aggressively since February.

In a report published on Thursday, Multicoin said that Hyperliquid is expanding beyond perpetual futures trading and evolving into a broader 'everything exchange'. This growth potential has led the firm to project that Hyperliquid will generate approximately $8 billion in annual earnings by 2028.

Using a price-to-earnings multiple of 20, Multicoin applied this figure to produce a price target of around $319 for HYPE. The firm noted that its own track record includes identifying undervalued tokens, such as BNB, which has risen from around $10 in 2019 to over $550.

Hyperliquid's user base nearly tripled in 2025, growing from approximately 300,000 to 923,000. Open interest on the platform also tripled during this period, rising from about $2 billion to $6 billion. The exchange generated around $873 million in revenue and processed over $2.9 trillion in trading volume in 2025.