Multicoin Capital has issued a bullish forecast for Hyperliquid's HYPE token, projecting a potential price of $319 by 2028 - representing a 406% gain from current levels near $63. The investment firm's analysis suggests the market currently undervalues HYPE as a fast-growing perpetuals exchange rather than recognizing its potential as an emerging 'everything exchange'. Multicoin reached this $319 figure by applying a 20-times multiple to $8 billion in projected 2028 earnings, which produces a $160 billion valuation spread across an adjusted supply of about 502 million tokens. At the current press time value of $63, HYPE trades at roughly 36x TTM earnings, or approximately 30x earnings. The firm's base case scenario assumes HYPE will generate approximately $8 billion in annual earnings by 2028.
Hyperliquid has demonstrated exceptional growth momentum in 2025, with HYPE users tripling from over 300K to nearly 1 million and trading volumes jumping to $2.9 trillion. This remarkable performance has enabled the DEX to capture $873 million in revenue and achieve nearly 60% DeFi perps dominance. The platform has been taking significant market share from centralized exchanges like Binance, with Multicoin noting that Hyperliquid's traction mirrors Binance's early days but with more catalysts. The firm's bear case assumes slower growth and projects a $109 token price for a 73% gain, while their bull case reaches $689, a 993% increase, based on $17.3 billion in projected cash flow. Multicoin draws parallels to Binance's early success, noting that Hyperliquid's trajectory looks similar to how Binance went from new upstart to dominant centralized exchange in approximately six months in 2017.
Recent market activity shows renewed institutional interest in HYPE, with whales adding significant positions following the recent price dip. A new whale acquired $14 million worth of HYPE through Coinbase, while another existing large investor increased its HYPE exposure to $9.8 million. The renewed spot bids by whales followed the HYPE price drop to the $60 level, which represents the previous peak price. However, short-term market dynamics show some challenges, with U.S. Spot HYPE ETFs experiencing five days of zero flows in June - approximately a week of no buying or selling interest. If this trend persists, HYPE could consolidate around the $60-$75 price range for an extended period. The ETF flow patterns suggest potential consolidation before the next rally phase, though the underlying fundamentals remain strong.
The platform's unique buyback mechanism represents a significant structural advantage for HYPE's price trajectory. As reported by CoinDesk, Hyperliquid directs 97% to 99% of its trading fees into a fund that continuously purchases HYPE tokens on the open market and removes them from circulation. This mechanism creates a direct link between platform success and token demand, with the more volume Hyperliquid handles, the more fees it collects, and the more HYPE it purchases. The platform has processed trillions of dollars in cumulative trading volume and generated hundreds of millions in revenue, providing a genuine structural floor for the token's price. Multicoin's analysis suggests this buyback mechanism will continue to support the token's price as the platform scales its operations, with the firm noting that Hyperliquid's structural advantages include being non-custodial, execution fully onchain and verifiable, and revenue used for daily token buybacks rather than accruing to a separate equity layer.
The primary challenge facing HYPE's bullish outlook stems from its supply structure and unlock schedule. According to CoinDesk analysis, only about 25% of HYPE's maximum supply of approximately 1 billion tokens is currently circulating and tradeable, with the remainder scheduled to unlock gradually over several years. This creates a fundamental tension where the buyback engine removes tokens from circulation while the unlock schedule adds new supply, with the token's trajectory dependent on which force dominates at any given time. The unlock schedule represents the primary force working against the buyback mechanism's demand creation. Multicoin acknowledges potential risks including U.S. regulation, limited decentralization, and competition, but states these risks can be managed effectively. The firm's analysis suggests that Hyperliquid's continued expansion beyond perpetual offerings into its 'unified everything exchange' vision will help meaningfully compound growth and support the projected price trajectory toward $319 by 2028.
