Multicoin Capital says HYPE is undervalued, could reach $319

Crypto investment firm Multicoin Capital believes Hyperliquid (HYPE) is undervalued and could see significant upside in the coming years, The Block reported. In a recent report, the firm argued that Hyperliquid is evolving beyond a simple derivatives exchange to handle all financial assets, making its current price of around $63 undervalued. The report projects that HYPE could surge to $319 if the platform generates approximately $8 billion in annual fee revenue by 2028. Currently, Hyperliquid records an annual revenue of $873 million and a trading volume of $2.9 trillion. Its user base has grown from 300,000 to 923,000 this year, while open interest has tripled from $2 billion to $6 billion. Multicoin Capital has been aggressively accumulating HYPE since February.