1258 ET - HYPE, which is the native token for perpetual futures exchange Hyperliquid, may have further upside even after what has already been a strong year. In a note, Zach Pandl with Grayscale Research posits that the HYPE token will be worth roughly 15 to 18 times the company's earnings by next year. Stock of Coinbase, by contrast, is expected to be closer to 35 times the company's earnings, with Circle around 40x. "Trading activity on the platform accrues value to the HYPE token and, like many other crypto assets, the token can be valued with cash flows," explains Pandl. "On that basis, we think it looks cheap." HYPE is down 4.4% to $55.31 in the past 24 hours, according to data from CoinGlass.