Multicoin's Crystal Ball Sees HYPE at $319 by 2028 — Even the Bear Case Outperforms Your Portfolio 📈

Multicoin Capital, a crypto-focused venture firm, has projected Hyperliquid's HYPE could reach $319 by 2028, implying over 5x upside from its press-time value of $63 based on revenue-earning potential. At approximately $63, HYPE trades at roughly 36x trailing twelve-month earnings, or about 30x earnings on a normalized basis. Under the firm's valuation frameworks and base case assumptions, Multicoin projects approximately $8 billion in annual earnings by 2028, implying a price of roughly $319 at a 20x multiple.

Multicoin wrote that Hyperliquid will "continue to meaningfully compound growth" as it expands beyond perpetual offerings toward what it described as a "unified everything exchange" vision. Hyperliquid is an L1 chain and decentralized exchange designed for high-speed trading. It began with crypto perpetuals and has since expanded into real-world asset tokenization, prediction markets, and options trading. The firm noted that Hyperliquid users tripled, from over 300,000 to nearly 1 million, in 2025. Trading volumes climbed to $2.9 trillion, allowing the DEX to capture $873 million in revenue, lifting its DeFi perps dominance to nearly 60%.

The firm compared Hyperliquid's trajectory to Binance's early days, but argued the DEX is following a similar playbook with structural advantages Binance did not have. "It's non-custodial, execution is fully onchain and verifiable, and revenue is used for daily token buybacks rather than accruing to a separate equity layer," Multicoin stated. The firm also projected a bear-case price target of $109 and a bullish scenario target of $689.

Multicoin acknowledged potential risks, including U.S. regulation, limited decentralization, and competition, but said these risks could be managed. On the demand side, whale accumulation followed the recent dip, with one new whale acquiring $14 million worth of HYPE through Coinbase and another existing large investor raising its HYPE exposure to $9.8 million. The renewed spot bids emerged after HYPE dropped to the $60 level, a previous peak price. In June, U.S. spot HYPE ETFs saw five days of zero flows, signaling limited institutional activity that could keep HYPE consolidating in the $60 to $75 range in the near term.