The project-backed buyback wave is here. Projects are buying back their own tokens with hundreds of millions of dollars, which in plain terms means telling the market: I have confidence in the project, and I’m here to lock up the float.

In the short term, it’s definitely bullish. With circulating supply reduced plus project endorsement, token prices usually show some respect. Just look at HYPE: relying on real fee revenue to buy back every day, it has directly carved out its own independent trend.

But there are two cases here: buybacks funded by protocol revenue are the real deal, the more they buy, the stronger they get; using raised funds to move money from one pocket to the other is the fake one, buying once and then going cold, purely pumping the price for you to see.

The strategy is simple: projects that can keep buying back even in a bear market have earning power, their fundamentals won’t be bad, and pullbacks are basically entry opportunities. But don’t chase highs; buybacks can only provide support, not keep pushing forever. Without revenue, buybacks are just castles in the air when the market turns weak.

#代币回购 #TokenBuyback $HYPE $BNB