Investment firm Multicoin Capital has identified Hyperliquid ($HYPE) as one of its largest holdings after reassessing the protocol, according to a statement shared by Grayscale on social media. Multicoin attributed the assessment to substantial growth in liquidity and developer activity around Hyperliquid, a decentralized perpetuals exchange protocol that enables leveraged trading without fixed expiry dates. Hyperliquid is currently priced around $80, with 24-hour volume ranging from $1.1 billion to $1.2 billion and an estimated market capitalization of $18 billion to $20 billion. Market pricing gives Hyperliquid a 51% YES probability of reaching $100 by December 31, 2026, indicating mixed short-term sentiment. Further announcements from Multicoin Capital or other institutional investors, developments in liquidity and developer activity, partnerships, technological advances, security breaches and regulatory challenges are identified as factors to watch. Live prediction-market analysis is available through Vera.