Multicoin: As Hyperliquid Transforms into 'Universal Exchange', HYPE May Reach $319 by 2028

CoinFeed June 26 news, according to The Block, Multicoin released a report stating that Hyperliquid is evolving from a decentralized perpetual contract exchange into a 'universal exchange', and its native token HYPE is currently priced at about $63, which is seriously undervalued by the market. In a base case, Multicoin gives a 2028 HYPE target price of $319, expecting Hyperliquid's annual revenue to be about $8 billion, calculated at a 20x price-to-earnings ratio. Multicoin disclosed that it has been actively buying HYPE since February, and it is now one of the largest holdings in its liquid hedge fund. The report pointed out that HYPE recently rose to over $76 due to factors such as new ETF inflows, strong revenue, and a buyback plan, but then fell back to $62.47 along with the market.