Hyperliquid’s $319 Target Hinges on Token Dilution: Analyst

Hyperliquid’s HYPE token needs to grow protocol earnings faster than its supply expands if it wants to hit the $319 price target laid out by Multicoin Capital, according to a breakdown shared by trader Crypto Patel on X today.

The post reframed Multicoin’s original valuation model, arguing that the real question isn’t whether Hyperliquid’s derivatives business keeps growing, but whether that growth can outrun token dilution.

The Math Behind $319 Multicoin’s base case, first published in June, projected Hyperliquid’s derivatives volume climbing from $2.9 trillion in 2025 to $20.2 trillion by 2028.

Apply a 20x multiple to the roughly $8 billion in annual earnings that volume would generate, and you get a $160 billion valuation. Divide that by an adjusted supply of 502 million tokens, and HYPE lands at over $319, more than four times its current price.