#加密货币衍生品交易 From a data perspective, the buyback strategies of Hyperliquid and Pump.fun are indeed impressive. Hyperliquid allocates over 90% of its fees to buy back HYPE Tokens, having accumulated tokens worth $1.4 billion, accounting for 9% of Circulating Supply. Pump.fun, on the other hand, uses 100% of its revenue to buy back PUMP Tokens, reducing the supply by 7.5%. This high-intensity buyback provides strong support for the token price.

However, it is doubtful whether this model can be sustained. Unlike traditional companies like Apple, crypto projects face greater uncertainty. Factors such as declining trading volume and Token unlocks may affect the buyback strength. In particular, Hyperliquid is about to face a large-scale Token unlock, which may put pressure on prices.

Overall, this buyback model has indeed increased the value of the Token in the short term, but its long-term sustainability remains to be seen. Investors need to closely monitor the project's revenue situation and changes in Token supply to assess the actual effectiveness of the buyback strategy.