Multicoin partner bullish on HYPE to $319, suggests investors accumulate in batches

According to ChainCatcher, Multicoin Capital managing partner Tushar Jain shared in detail his valuation logic and investment framework for HYPE during the "When Shift Happens" podcast. He believes HYPE is currently severely undervalued, with a benchmark valuation of $319, and suggests a pragmatic position-building strategy to cope with volatility.

Tushar candidly stated that trying to perfectly time the bottom is nearly impossible. His recommended framework is: the first third—buy immediately (enter right away); the second third—invest on a fixed schedule (e.g., in batches over 1-2 months); the third third—flexibly add positions during dips. This approach can significantly reduce psychological burden while achieving a good average cost when bullish in the long term.

Tushar’s valuation model is based on the following four relatively conservative assumptions: crypto derivatives trading volume will maintain a 35% annual compound growth over the next two years; the DeFi derivatives market share will increase to 32%; the USDC collateral balance will grow in sync with trading volume; and some of the "false prosperity" created by subsidies from certain project parties will disappear after the subsidies end, further increasing Hyperliquid’s real market share. Even with these conservative assumptions, the current HYPE price still has significant upside potential, and in more optimistic scenarios, it could exceed $600.

Tushar believes that Hyperliquid is much more than a fast-growing perpetual contracts platform, and could become a core component of crypto financial infrastructure.