A prominent crypto analyst believes that several key factors are aligning to drive the layer-1 protocol Hyperliquid (HYPE) to significantly higher values.
Flood, a pseudonymous analyst with a large following on X, remains optimistic about the decentralized exchange despite HYPE reaching a new all-time high of $39.68 recently.
He points out that HYPE is still undervalued considering its growth potential in the decentralized exchange sector.
“Why buying HYPE at $39 is still a good opportunity:
– Many mainstream users struggle to access on-chain platforms
– HYPE is not listed on major exchanges yet
– Current token price does not reflect the platform’s growth, with open interest increasing significantly week after week
– $770,000,000 in revenue from market buybacks
– Exchanges are highly profitable in the crypto industry, offering exposure to a rapidly expanding market
– No unlocking of tokens from private investors, no vesting schedules, and no special deals
– Builders have exclusive access to Hyperliquid for product development related to perpetual trading
Still undervalued, with profit-taking targets set at a circulating market cap of $40 billion. Not considering fully diluted valuation.
Watch out for the psychological level of $100 as well.
If HYPE reaches Flood’s target, it would represent a 222% increase from its current market cap of $12.402 billion.
As of now, the price of HYPE stands at $37.07.
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