Multicoin Forecasts HYPE at $319 by 2028

Multicoin projected HYPE could reach about $319 by 2028 in a report published Thursday. The firm estimated HYPE could generate roughly $8 billion in annual earnings by 2028 and applied a 20-times earnings multiple to arrive at the price target. Multicoin added it has been aggressively accumulating HYPE since February and that the token is one of the largest positions in its liquid hedge fund.

The report cited specific growth figures from 2025. Hyperliquid's user base increased from about 300,000 to 923,000, open interest rose from roughly $2 billion to $6 billion, the platform recorded approximately $873 million in revenue and it processed about $2.9 trillion in trading volume during the year.

Hyperliquid's HIP-3 perpetual market for SpaceX shares handled about $1.4 billion in trading volume on the company's IPO debut, representing roughly 30% of HIP-3 volume that day. The token reached an all-time high above $76 amid inflows into exchange-traded products linked to HYPE, strong revenue and a buyback program. After a broader market pullback HYPE traded near $62.47 on Thursday afternoon.

Multicoin noted several potential upside catalysts not fully included in its base-case estimate, including an upcoming HIP-4 upgrade, the planned launch of HyperEVM, distribution mechanisms for builder-code and the effect of portfolio margining on the exchange's derivatives products.

The report referenced prior successful calls, including a bullish view on Binance's native token when it traded near $10 in 2019, and noted Multicoin's history of backing projects in the Solana ecosystem.

Hyunsu Jung, chief executive of Hyperion DeFi, compared Hyperliquid's fully diluted valuation, which approached about $75 billion before the token's pullback, with the market capitalizations of exchange stocks such as CME Group, Interactive Brokers and Robinhood, and argued Hyperliquid is expanding beyond a pure perpetuals exchange.