Multicoin Capital set a $319 price target for Hyperliquid’s HYPE token, a level that hinges on the protocol’s ability to grow earnings faster than its token supply expands. The valuation model projects derivative volume rising from $2.9 trillion in 2025 to $20.2 trillion by 2028, generating approximately $8 billion in annual earnings for a $160 billion valuation. HYPE is currently trading around $79, near its all-time high of $89.60 reached in early September, up nearly 38% over the past month. Multicoin has reduced its position by selling 10% of its 4 million HYPE tokens in early September, while HYPE spot ETF flows have recorded net outflows of approximately $8 million.
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