Multicoin dey bullish for HYPE: $319 by 2028, but risk dey for 4H chart
Multicoin Capital tok lagi for top bullish for Hyperliquid (HYPE), say token fit reach like $319 come 2028 (about ~5x from the ~$64 area). The plan tie the win/potency to increase for earnings and steady market-share gains, based on Hyperliquid product upgrades and the strong perpetual-futures movement.
The key 2025 numbers wey Multicoin mention: revenue near $873M, with trading volume around $2.9T, users increase from ~301K to ~923K, and open interest rise from ~$2B to ~$6B. Company claim say HYPE don pass 59% of DeFi perpetual open interest, and total on-chain OI about ~$9.6B—more than many big rivals together. Dem also argue say Hyperliquid dey close the gap make e look like Binance scale: monthly perps volume around 17% of Binance (from near zero two years ago) and OI share around 21%.
Next catalysts: HIP-3 expansion go real-world assets (RWA), and one licensed S&P 500 perp wey reportedly pull over $100M daily volume for its first week. HIP-4 go add prediction markets and options. Multicoin also stress “portfolio margining” across products under one risk engine, and expect HyperEVM go make things more composable (e.g., lending and structured products) using Hyperliquid liquidity and prices.
How token get value: like 99% of protocol revenue na to buy back HYPE, and trailing earnings estimate be about $869M for HYPE holders. Valuation na about 36x trailing earnings (or ~30x after adjust for Coinbase/USDC-related agreement).
But one short-term warning for traders: even though long term sweet, the article point out technical risk. For 4-hour chart, HYPE fit be forming bearish double top with neckline near $52.7. If support break, downside go possible down to like ~$28.5.
For traders, na classic case: strong fundamentals and product momentum for HYPE, but near-term positioning fit get pressure if key support levels fail.
Bullish
Wetin Multicoin report talk about HYPE na generally bullish, because e link token upside to the way exchange dey move well: user plenty dey increase, trading volume dey grow sharp-sharp, and DeFi perpetual open interest na HYPE dey take big share. E still show say the tokenomics dey structurally supportive (like 99% of protocol revenue dey go buyback am for HYPE) plus clear multi-step product roadmap (HIP-3 RWA and HIP-4 prediction/options), portfolio margining, and HyperEVM make am easy for other features to connect.
But the article still add small-time technical warning (possible bearish double top for 4H chart). That one fit bring short-term wahala/volatility and cause people to take profit or trigger stop-loss, but e no erase the long-term story for earnings and market share. Overall, na bullish for HYPE, but short-term downside risk go dey higher if the technical levels break.