Viewpoint: HYPE Buyback Scale Could Reach Hundreds of Millions of Dollars Per Quarter, a Key Driver for Price Pump

BlockBeats News, May 24th - Forbes contributor Zennon Kapron pointed out that the recent surge in HYPE was not primarily driven by ETF expectations, but more so by Hyperliquid's built-in buyback mechanism. The article states that Hyperliquid has used almost all of its transaction fee revenue (accumulating over $11.6 billion) through the Assistance Fund to buy back HYPE on the open market.

Compared to the initial tens of millions of dollars inflow from ETFs, the buyback scale of the protocol could reach hundreds of millions of dollars per quarter, which may be a more core factor supporting the current price. However, this mechanism also relies on trading volume, and if the market turns bearish, both transaction fee revenue and buyback support may weaken simultaneously.