If you've been keeping an eye on the crypto scene, you might have noticed Hyperliquid making waves lately. This decentralized perpetual futures exchange is hitting all-time highs, and according to a recent post from crypto builder Mardo (Miko) on X, the mindshare around it has peaked in a big way.

Miko, who's building projects like $DEGENC on Base and $SNIB on Avalanche, shared his thoughts on why this surge feels different from past peaks. He pointed to a chart showing mindshare trends over the last 30 days, highlighting a sharp drawdown after a previous high but suggesting optimism this time around.

What Makes This Peak Stand Out?

Miko breaks it down into a few key factors. First off, stablecoin issuers are vying for Hyperliquid's business, which could bring more liquidity and stability to the platform. Stablecoins are cryptocurrencies pegged to stable assets like the US dollar, helping traders avoid volatility in their holdings.

Second, the platform is seeing record revenue, with nearly all of it—about 99%—going toward buying back $HYPE tokens. This buyback mechanism reduces the supply of tokens in circulation, which can drive up the price if demand stays steady or grows. It's a common strategy in crypto to reward holders and signal confidence in the project's future.

Third, there's an expanding ecosystem of companies building on Hyperliquid's stack. This means more developers and projects are integrating with it, potentially leading to network effects where the platform becomes more valuable as more people use it.

Beyond Crypto: A Broader Vision

Right now, Hyperliquid's star product is crypto perpetuals—futures contracts that don't expire, allowing traders to bet on price movements without owning the underlying asset. But Miko envisions a bigger picture: expanding into commodities, stocks, equities, and bonds. Each of these markets dwarfs the crypto space, so if Hyperliquid pulls this off, it could be a game-changer.

Perpetual futures, or perps for short, let you trade with leverage, amplifying gains (or losses) without needing to settle at a specific date. Adding traditional assets could bridge crypto and mainstream finance, attracting a whole new crowd of traders.

Price Targets and Long-Term Hold

Miko's bullish on $HYPE, targeting $150 to $200 in the next 12 months, with even higher potential down the line. He calls it one of the most comfortable holds in his portfolio, meaning it's a low-stress investment with strong fundamentals.

For those in the meme token world, $HYPE might not scream "meme" at first glance, but its community-driven growth and viral mindshare peaks echo the hype cycles we see in tokens like $DOGE or $PEPE. As blockchain practitioners, keeping tabs on platforms like Hyperliquid can give you an edge in understanding where the next big trends in DeFi and trading might emerge.

If you're curious about diving deeper, check out Hyperliquid's official site at hyperliquid.xyz or follow Miko on X at @mikocryptonft for more insights. As always, remember this isn't financial advice—do your own research before jumping in.