Analyst: HYPE's $319 target hinges on token dilution
- —Multicoin model: Hyperliquid derivatives volume to grow from $2.9 trillion in 2025 to $20.2 trillion by 2028
- —A $160 billion valuation at 20x earnings of $8 billion and 502 million tokens implies $319 per HYPE
- —Bear case is $109, bull case at 50% CAGR is $689
- —Multicoin sold 10% of its 4 million HYPE, spot ETF outflows around $8 million
Why it matters: Hyperliquid's revenue growth must outpace HYPE emission, otherwise the price won't rise even as the business expands.
Source: CryptoPotato