Most crypto tokens are hard to value. HYPE is different: @HyperliquidX’s usage flows directly into token demand through an on-chain buyback mechanism. Our latest research by Luke Nolan (@eazygambit) introduces a 5-year valuation framework for HYPE, built across seven revenue streams. Base case: ~$147 by 2031. Bull case? More below. Hyperliquid. https://coinshares.com/insights/research-data/hyperliquid-primer-and-5-year-valuation-framework/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_NA_19062026&utm_content=carousel_NA_hyperliquid-valuation-framework(CoinShares)