Analyst: Hyperliquid HYPE Token Growth Must Outpace Dilution to Reach $319

Trader Crypto Patel suggests that Hyperliquid's HYPE token must increase protocol earnings faster than its supply expands to achieve the $319 price target projected by Multicoin Capital. While Multicoin's model assumes significant growth in derivatives volume, analysts warn that token dilution could offset these gains. Current data indicates Hyperliquid holds a 30% share of decentralized derivatives volume.