Multicoin says the market is severely undervaluing Hyperliquid's native token and expects HYPE to increase more than 400% in the next few years, according to a report published Thursday.
Positing that Hyperliquid is evolving from a popular decentralized exchange into an "everything exchange," Multicoin made its case for why HYPE is poised for explosive growth.
"At ~$63, we believe the market is deeply mispricing HYPE, viewing it too narrowly as just a fast-growing perp DEX," Multicoin said in a report. "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 investment firm disclosed in its report that it has been "aggressively" buying HYPE since February. "It’s now one of the biggest positions in our liquid hedge fund," Multicoin added.
HYPE recently hit an all-time high above $76 amid a string of positive catalysts, including strong inflows into newly-launched ETFs tied the token's price, robust revenue and the exchange's aggressive buyback program. Following a broad market decline, the token has since retreated, trading at $62.47, up over 5% on the day, as of 1:47 p.m. ET on Thursday, according to The Block Price Page.
