According to Matt Hougan, Chief Investment Officer of Bitwise, the HYPE token on the Hyperliquid platform is undervalued and has risen 77% since the beginning of the year. He believes that HYPE has the potential to become a "second-generation" token, and its value can grow over time. Hougan pointed out that Hyperliquid's transaction volume reached 170 billion last month, but it still needs improvement and has not yet been opened to US users, and needs to be included in the US regulatory system.