Multicoin Capital Sets $319 Price Target on Hyperliquid (HYPE)

Hyperliquid News

Multicoin Capital has set a $319 price target on Hyperliquid (HYPE), arguing the decentralized derivatives platform is severely mispriced at current levels near $63. In a report published Thursday, the investment firm said the market reduces Hyperliquid to a fast-growing perpetuals venue while overlooking its shift toward what it describes as an emerging exchange-for-everything. The target implies upside of more than 400% from today’s price. Multicoin disclosed it has been accumulating HYPE since February, making the token one of the largest positions in its liquid hedge fund. The thesis, the firm stressed, rests on expanding fundamentals rather than short-term sentiment around this fast-moving altcoin.

The valuation rests on concrete math. In its base case, Multicoin models roughly $8 billion in annual profit by 2028 and applies a 20x earnings multiple, producing a $160 billion valuation spread across an adjusted supply of about 502 million tokens. That arithmetic yields the headline $319 figure. The base case leans on four assumptions the firm describes as conservative: a 35% compound annual growth rate in crypto derivatives volume, decentralized exchanges rising to 32% of the derivatives market, Hyperliquid capturing a 30% share, and USDC balances scaling with trading activity. Each input compounds, lifting projected cash flows materially over the forecast window.

The growth data underpinning the call is striking. Over 2025, Hyperliquid’s user base expanded from roughly 300,000 to 923,000, while open interest climbed from about $2 billion to $6 billion. Full-year trading volume reached $2.9 trillion, and annual revenue landed near $873 million, ranking the protocol among the largest decentralized derivatives exchanges in operation. Those figures frame Hyperliquid less as an experimental venue and more as core trading infrastructure. The platform now processes flows that rival established centralized competitors, a trajectory that helps explain why a fund would build one of its biggest positions around the token rather than trade it tactically.

Product expansion is the other half of the story. Hyperliquid’s HIP-3 permissionless perpetual markets have shown strong early traction; a SpaceX-linked market alone recorded $1.4 billion in single-day volume, about 30% of total HIP-3 turnover that day. Multicoin argues its model does not yet price in several pending catalysts, including the HIP-4 upgrade, continued growth of its HyperEVM appchain ecosystem, a builder-code revenue-distribution mechanism, and the introduction of portfolio margin on the core product. Each, the firm contends, would lift capital efficiency and platform stickiness, reinforcing the flywheel between volume and revenue. The roadmap, in this reading, turns base-case projections into upside.

Multicoin laid out a full scenario range rather than a single point estimate. Its bear case assumes slower growth and a $109 token price, still a 73% gain from current levels, while its bull case reaches $689, or 993% upside, on projected cash flows of $17.3 billion. The firm drew a pointed comparison to Binance’s early years, noting that in 2017 Binance moved from a new startup to a dominant centralized exchange in roughly six months. Hyperliquid’s curve, the report argued, looks strikingly similar. That framing positions HYPE as a structural growth bet rather than a speculative trade tied to the current bear market mood.

Outside voices echoed the re-rating thesis. Hyperion DeFi chief executive Hyunsu Jung argued HYPE should not be valued purely as a crypto decentralized exchange but benchmarked against traditional exchanges and brokerages. He compared Hyperliquid’s fully diluted valuation to listed firms such as CME Group, Interactive Brokers, and Robinhood, contending it is entering the same order of magnitude. Multicoin was equally explicit about the risks: regulatory ambiguity, the composition of Hyperliquid’s validator set, and recurring monthly unlocks for shareholders and contributors. The token reached an all-time high above $76 on June 16 before retreating with the broader market to current levels.

From our desk, COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates the $60.74 support at 81/100, driven by the confluence of the Fibonacci 0.382 retracement, the S1 pivot, and the prior-day low, while overhead resistance at $65.47 scores 75/100 on prior-day-high and Ichimoku cloud-top signals. With spot near $62.93, RSI at 49 and MACD bearish despite a broader uptrend, momentum reads neutral-to-soft. Derivatives data shows a barely positive 0.0040% funding rate and $1.44 billion in open interest, signaling cautious, lightly leveraged positioning. Against our Fear & Greed reading of 13 (Extreme Fear), a hold above $60.74 keeps the bullish structure intact; a clean break below invalidates it and opens $55.73.