Multicoin Capital has projected that the native token of Hyperliquid, HYPE, could reach $319 by 2028 as the platform transitions into a comprehensive "all-in-one exchange." Currently priced around $63, Multicoin considers HYPE undervalued, with expectations of Hyperliquid's annual revenue reaching $8 billion by 2028, based on a 20x price-to-earnings ratio. The firm has been actively acquiring HYPE since February, making it a significant position in its hedge fund. Hyperliquid has seen substantial growth, with its user base expanding from 300,000 to 923,000 and open interest rising from $2 billion to $6 billion in 2025. The platform's annual revenue hit approximately $873 million, processing $2.9 trillion in trading volume. Despite recent market fluctuations, which saw HYPE's price fluctuate from $76 to $62.47, Multicoin remains optimistic, noting that future catalysts like HIP-4 and HyperEVM are not yet fully reflected in their target price.