Hyperliquid’s HYPE token projected to hit $319 by 2028

Multicoin Capital forecasts that Hyperliquid’s native token HYPE could reach $319 by 2028, implying more than 400% upside from its current price of about $63. The projection assumes the platform will generate roughly $8 billion in annual profit and applies a 20‑times earnings multiple. The firm also disclosed that it has been accumulating HYPE aggressively since February, making it one of its largest liquid‑fund positions.

Hyperliquid trades the majority of decentralized perpetual futures, holding over 59% of open interest and more than $9.6 billion in total open interest. In 2025 the protocol reported $873 million in revenue on $2.9 trillion of trading volume, a user base that grew from ~300,000 to 923,000, and collateral of about $3 billion. Revenue is largely funneled back to the token, with 99% of fees used for buy‑backs. The platform is expanding beyond crypto derivatives through HIP‑3 and upcoming HIP‑4 upgrades that enable real‑world‑asset perpetuals, options and prediction markets, drawing comparisons to Binance’s early growth.

Recent market activity shows large‑holder (“whale”) wallets withdrawing more than $23 million of HYPE from exchanges to private custody, reducing immediate supply. The token has recently fallen about 22%, testing a key $60 support zone after sliding from a $76 high. Technical analysis points to resistance near $66 and $73, while the broader sentiment remains bullish due to the platform’s revenue model and market‑share gains.