The open lane that the narrative power of $HYPE needs to capitalize on is not the supply weighted P/E ratio being peddled by enthusiasts on this app. It's the existence of Sonnet Biotherapeutics, which will be renamed to "Hyperliquid Strategies Inc.", that will be in the business of raising money to buy HYPE and legitimizing Hyperliquid in the eyes of institutions with an undeployed 300m war chest and the existence of Lion Group Holdings with a 600m credit line. The expected close of the Sonnet Biotherapeutics merger is in the second half of 2025, which will fuel the reignition of the Hyperliquid narrative after supply is gobbled up by believers and the AF sub $50. This is what fuels the next positive feedback loop, and the next exponential jump in metrics across the board.
Novogratz's dominance is increasing in crypto mindshare. Novo has previously promoted an on-chain perpetual DEX on national television, becoming the first person to legitimize the protocol in TradFi. This provides an open lane for the aforementioned on-chain perpetual DEX to reignite its narrative power, which has been weak in the past few weeks. Time to shine, Jeff.
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