Analytical forecast: Hyperliquid (HYPE) could grow by 400% by 2028.
The market underestimates the true potential of Hyperliquid (HYPE). Our colleagues from the analytical community conducted an in-depth evaluation of the project and concluded that the current price of $63 per token is merely a starting point for massive growth. According to the base scenario, by 2028, the value of HYPE could reach $319, implying a 406% increase from current levels.
Fundamental Valuation: Why $319 Is Realistic
The target price of $319 is based on a 20x multiple of expected net profit, which, according to our calculations, could reach $8 billion by 2028. With a supply of approximately 502 million tokens, this gives the project a market capitalization of $160 billion. Many market participants see Hyperliquid as merely a fast-growing platform for trading perpetual contracts, but in reality, the ecosystem is transforming into a full-fledged universal trading platform.
The base scenario is built on four conservative assumptions: an average annual growth rate of 35% for the crypto derivatives market, a 32% share of decentralized exchanges in this segment, a 30% share for Hyperliquid, and proportional growth in USDC volume.
Alternative Scenarios: From $109 to $689
We also considered two additional scenarios. The bearish case, with more modest dynamics, values the token at $109 — a 73% increase. The bullish scenario suggests a price of $689 and a 993% gain if profit reaches $17.3 billion. Hyperliquid's trajectory resembles the early years of Binance: in 2017, Binance went from a newcomer to the leading centralized exchange in just six months.
However, risks should also be considered: regulatory uncertainty, Hyperliquid's validator structure, and the monthly token unlock for the team. The forecast comes amid a decline in HYPE along with the broader market. The token hit an all-time high of $76.7 on June 16, after which it began to decline. At the time of publication, the price held at $63, 0.26% lower than the previous day.
My expert opinion: The forecast looks ambitious but not unfounded. Hyperliquid is indeed showing signs of becoming a dominant DeFi platform, but investors should consider high volatility and risks associated with token unlocks. I recommend viewing HYPE as a long-term asset with potential, but with mandatory risk management.