Bitwise Says Hyperliquid's HYPE Is Crypto's Most Undervalued Token — Even After a 77% Rally. Here's Why

WHY IT MATTERS

Imagine a stock analyst at a major Wall Street firm publicly saying a company's shares are way too cheap — that tends to get people's attention. That's essentially what Bitwise, a well-known crypto investment firm, just did for the HYPE token. Hyperliquid is a decentralized exchange — think of it like a stock exchange, but run by code instead of a company — where people trade crypto derivatives. Bitwise believes the token powering this exchange is worth much more than its current price, even though it's already up 77% this year. For newcomers, this is a good example of how institutional analysis is starting to extend beyond Bitcoin and Ethereum into newer, more specialized crypto projects.