Multicoin Capital Predicts HYPE Token Surge Above $300 by 2028

In the dynamic world of cryptocurrency, Multicoin Capital has published an exhaustive investment report on the promising Hyperliquid project. As one of the largest positions in their liquid portfolio, the HYPE token stands out due to its significant potential for growth. According to analysts at Multicoin Capital, the price of HYPE could skyrocket to approximately $319 by 2028.

Hyperliquid: A Rising Star in DeFi

Hyperliquid is making waves as an L1 blockchain and decentralized exchange designed for high-speed trading. Remarkably, in 2025 alone, it generated around $873 million in revenue with a trading volume nearing $2.9 trillion. The user base also expanded dramatically from 301,000 to 923,000 within that year.
The platform now commands over 59% of open interest in the DeFi derivatives market. Moreover, Hyperliquid is gaining ground on centralized platforms such as Binance—its monthly perpetual contract trading volume is about 17% of Binance’s volume.

The Future Prospect of HYPE

Drawing parallels between Hyperliquid’s current trajectory and Binance’s early days, Multicoin Capital points out that many underestimated the speed at which liquidity and network effects would accumulate. With Hyperliquid’s non-custodial model and fully on-chain transactions execution, about 99% of protocol revenues are used for daily buybacks of HYPE tokens followed by their removal from circulation.
Unlike many other projects, Hyperliquid has not sought venture funding; this absence means there is no separate layer of equity capital overhanging the token—and thus its economic value is directly embedded within HYPE.

Potential Risks and Growth Opportunities

Despite these promising developments, risks remain related to regulation, competition, governance, decentralization efforts, and development of HyperEVM. However, according to Multicoin Capital’s base case scenario—the annual profit could reach around $8 billion by 2028—making these risks acceptable given the growth potential.

The Broader Impact on Crypto Market

As noted by Matt Hougan from Bitwise Investment Company earlier this year—Hyperliquid represents a standout crypto project with significant underappreciated assets like HYPE. These insights underscore how crucial projects like Hyperliquid are reshaping perceptions about value storage mechanisms within digital finance ecosystems globally.
In summary—through strategic investments rooted firmly upon extensive research—Multicoin Capital continues cementing its role as an influential player shaping tomorrow’s blockchain landscape today while offering investors exciting avenues towards wealth creation opportunities via innovative digital asset strategies anchored upon sound fundamentals underscored herewith throughout our analysis today!