Crypto analyst Ali Martinez said Hyperliquid could reach between $97 and $163, implying a gain of 33% to 123% from its recent price of about $73. The bullish case rests on the decentralized perpetuals exchange using roughly 99% of trading fees to buy back and burn its HYPE token, with buybacks totaling about $880 million over the past 12 months. Hyperliquid holds about 54% of open interest across decentralized perpetual exchanges, and upgrades now allow users to launch markets for assets like commodities and stocks, as well as on-chain prediction markets. Risks include competition from rivals such as Aster, which briefly dented its market share, and a fully diluted value exceeding $70 billion that could dilute holders if new issuance outpaces buybacks.