Multicoin predicts HYPE hits $319 by 2028 as Hyperliquid turns into an 'everything exchange'
25 Jun 2026 · 18:03 UTC · The Block · Original source
Summary
Investment firm Multicoin Capital predicts that HYPE, the governance token of Hyperliquid exchange, will reach $319 by 2028. The forecast reflects confidence in Hyperliquid's evolution into a comprehensive multi-asset 'everything exchange' platform. Supporting the prediction, Hyperliquid demonstrated significant user growth during 2025, expanding from approximately 300,000 users to 923,000 users—a 207% increase. This user base expansion is cited as evidence of the exchange's growing market relevance and adoption trajectory within the crypto trading ecosystem.
Why it matters
Multicoin's credibility as a respected crypto investment firm adds weight to the prediction, though the specific $319 target lacks disclosed methodology or quantitative justification. User growth data (923,000 active users) is concrete evidence of platform traction. However, exchange user growth does not automatically translate to token appreciation; the prediction's success depends on: (1) sustained Hyperliquid market share gains relative to competitors, (2) meaningful HYPE token utility and demand from users, (3) favorable crypto market conditions persisting through 2028. Key uncertainties include whether sophisticated traders have already priced in this information, the lack of detailed valuation analysis in the article, and inherent unpredictability of multi-year token projections. The prediction represents a single firm's analysis rather than market consensus. Bitcoin's independence from altcoin-specific narratives limits direct impact, though general risk sentiment shifts could create modest correlation.
Expected impact
Multicoin Capital's bullish price prediction for HYPE token, supported by documented user growth on Hyperliquid exchange (207% increase from 300,000 to 923,000 users in 2025), is likely to attract retail trader attention and positive sentiment toward the altcoin sector. The specific $319 target provides a narrative anchor for speculative positions. Near-term impact (minutes to hours) will be driven by social amplification and reactive trading, with short-term volatility elevated. Daily to weekly impacts depend on whether this prediction catalyzes sustained buying interest or becomes quickly priced in by sophisticated traders. Longer-term value realization hinges on whether Hyperliquid's actual adoption trajectory validates the 'everything exchange' positioning and whether HYPE token utility delivers on market expectations. Bitcoin experiences minimal direct impact, primarily through general altcoin sentiment flows and risk-on sentiment spillover effects.