- Maelstrom chief investment officer Arthur Hayes put a $150 price target on Hyperliquid under the assumption that its 30-day revenues will rise to an annualized run rate of $1.4 billion.
- He justified his positioning on Hyperliquid using most of its revenue to buy back its tokens and stealing market share away from centralized exchanges.
- Trading on the decentralized exchange has surged during the U.S.–Iran conflict, giving traders a venue to trade commodities while traditional markets remain closed.
Hyperliquid (HYPE) rallied more than 10% on Monday after Maelstrom chief investment officer Arthur Hayes put a $150 price target on the crypto token and disclosed that it was now the firm’s largest altcoin position.
HYPE’s price gained 11.3% in the last 24 hours as it rallied to around over $35. Not only was it outperforming Bitcoin (BTC) on the day, which rose around 3.1% in the last 24 hours and attempted a breakout past $70,000 only to come tumbling lower, Hyperliquid’s token has more than doubled in the last year, while Bitcoin has fallen nearly 15%. It remains more than 40% below its record high of $59, seen in September last year.
On Stocktwits, retail sentiment around Hyperliquid rose to ‘extremely bullish’ from ‘bearish’ territory over the past day, and chatter jumped to ‘high’ from ‘extremely low’ levels.
Why Is Arthur Hayes Bullish On The HYPE Crypto Token?
According to Hayes, if Hyperliquid can keep taking market share away from central exchanges (CEXs) and adding new features to boost its revenue growth, then the token could rally to $150.
He stated that Hyperliquid is the dominant decentralized exchange (DEX) for perp trading, and it is the largest revenue-generating project that isn’t a stablecoin. And, 97% of the revenue Hyperliquid makes is used to buy back HYPE tokens from the market.
“No other project in all of crypto hands as much money back to token holders as Hyperliquid,” he wrote in his Substack newsletter. “There isn’t a Tether or Circle shitcoin that one can hold and receive a portion of their net interest margin, unfortunately.”
Hayes’ price target of $150 on the HYPE token is more than three times higher than its current price of around $34. “To get from Hell to Valhalla requires Hyperliquid to grow 30-day revenues to an annualized run rate of $1.4 billion, which it hit previously in August of last year,” he wrote.
What Is Retail Saying About Hyperliquid?
While many users on the platform expect Hyperliquid’s token to keep rallying, one user pegged his bull case to the U.S. sending forces into Iran by the end of March, and if that causes oil prices to jump to $150, then HYPE’s token sees a 95% rally to new record highs.
Another said they were unstaking their Solana (SOL) to rotate capital into the Hyperliquid token.
Read also: Bitcoin Jumps To $70K – Crypto Rallies After Trump Says Iran War Will Be Over ‘Very Soon'
For updates and corrections, email newsroom[at]stocktwits[dot]com.