$HYPE has something most altcoins don't:

A protocol generating real activity + a token buyback mechanism.

Crypto projects have spent roughly $638M on buybacks in 2026, with Hyperliquid among the biggest participants.

The interesting part isn't “buybacks = pump.”

That's too simple.

The real question is whether protocol revenue keeps growing fast enough to make those buybacks meaningful.

That's the thesis I'd be watching.