Svmuu News: Multicoin released a report stating that the market has severely undervalued Hyperliquid’s native token, HYPE, and believes it still has more than 400% upside potential in the coming years. The firm projects that, under a base-case scenario, the price of HYPE could reach approximately $319 by 2028.
Multicoin believes that the market currently views Hyperliquid too narrowly as a rapidly growing decentralized perpetual futures exchange, but in reality, it is evolving into an “Everything Exchange” covering multiple assets and trading scenarios.
The report states that, based on the current price of approximately $63, HYPE is significantly undervalued. Multicoin projects that by 2028, Hyperliquid’s annualized earnings could reach approximately $8 billion; valuing the company at a 20x earnings multiple would correspond to a HYPE price of about $319.
Multicoin also disclosed that it has been actively buying HYPE since February of this year, and HYPE has now become one of the largest holdings in its liquidity hedge fund. Recently, driven by positive factors such as ETF inflows, strong protocol revenue, and an aggressive buyback program, HYPE broke through $76 to hit an all-time high. It subsequently retreated along with the broader market and was trading at approximately $62.47 as of Thursday afternoon.