Hyperliquid token valuation faces scrutiny despite recent price gains
The HYPE token is trading near $72 after quadrupling over the past year, but analysts argue the current price already reflects the base case for US market access. While the brand remains strong, the risk-reward profile is considered less favorable than in the first quarter.
Hyperliquid’s HYPE token is trading in the $71 to $72 range, holding relatively steady against broader market declines. Over the past year, the asset quadrupled from approximately $25 to nearly $100, a surge driven by the launch of HIP-3 markets for assets including SOXL, SpaceX, Anthropic, and OpenAI. Recent developments, such as ICE investing in TradeXCZ and statements from Donald Trump regarding bringing Hyperliquid to the US, have supported the narrative. However, underlying revenue has remained relatively flat despite this price appreciation. Analysts view the current valuation as high, noting that the base case of US market access and regulated perpetual futures is already priced in. The token is regarded as a strong brand and a top choice for stablecoin allocation, but the risk-reward ratio is no longer considered a no-brainer. Potential upside to $200 is seen as dependent on the successful execution of the US expansion strategy, with the base case assuming Hyperliquid will win the market and secure strong access to the US.