Arthur Hayes, the BitMEX co-founder now serving as co-founder and chief investment officer of crypto-focused venture capital firm Maelstrom, says Hyperliquid’s HYPE token could soar more than 100-fold.

Hayes is best known for inventing the perpetual swap at BitMEX, the derivatives contract that changed crypto trading. At Maelstrom, he invests in early-stage infrastructure projects. In his latest blog post, Hayes argued Hyperliquid’s token could rise 126 times, a claim backed by a valuation model produced by Maelstrom.

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