Multicoin Sees Over 400% Upside for Hyperliquid HYPE by 2028

Multicoin Capital projects Hyperliquid (HYPE) could reach $319 by 2028, a 406% gain from current levels of $63.

The firm argued that the market values the platform too narrowly as a fast-growing perpetuals exchange rather than what it calls an emerging "everything exchange."

Multicoin reached the $319 figure by applying a 20-times multiple to $8 billion in projected 2028 earnings. That produces a $160 billion valuation, spread across an adjusted supply of about 502 million tokens.

"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," the firm said.

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The firm built the base case on four assumptions, which it describes as conservative. The firm models a 35% compound annual growth rate in crypto derivatives volume, decentralized exchanges rising to 32% of the derivatives market, Hyperliquid holding a 30% share, and USDC balances growing in line with volume.

Multicoin also framed two alternative outcomes. Its bear case assumes slower growth and a $109 token price, for a 73% gain. Its bull case reaches $689, a 993% increase, on $17

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/multicoin-sees-over-400-upside-035828686.html)