超流動性、回購和 Pump.fun：解讀趨勢

分析 Hyperliquid 的回購、Pump.fun 的 meme 代幣發行之間的相互作用，以及它們對加密貨幣格局的影響。 Hyperliquid 的方法可持續嗎？

Hyperliquid, buybacks, and Pump.fun—these names are buzzing in the crypto space. Let's break down what's happening and what it all means.

Hyperliquid、回購和 Pump.fun——這些名字在加密貨幣領域非常熱門。讓我們來分析一下正在發生的事情以及這一切意味著什麼。

Hyperliquid's Dominance in Buybacks

Hyperliquid 在回購中佔據主導地位

Hyperliquid is making waves with its aggressive buyback program. Recent data shows Hyperliquid has spent around $916M buying back HYPE, dwarfing Pump.fun's efforts by more than six times. This strategy tightens the token supply, potentially driving up the price.

Hyperliquid 以其激進的回購計劃掀起了波瀾。最近的數據顯示，Hyperliquid 已花費約 9.16 億美元回購 HYPE，使 Pump.fun 的努力相形見絀六倍多。這一策略收緊了代幣供應，可能會推高價格。

The HYPE Effect: Price Predictions

炒作效應：價格預測

With its current momentum, the HYPE price around $37.89 could realistically hit $50 in the short term. Some analysts even speculate about triple-digit pricing if Hyperliquid maintains its growth and buyback pace. The key is whether Hyperliquid can continue to capture futures volume and reduce the token supply.

以目前的勢頭，37.89 美元左右的 HYPE 價格在短期內實際上可能會達到 50 美元。一些分析師甚至猜測，如果 Hyperliquid 保持增長和回購步伐，定價將達到三位數。關鍵是Hyperliquid能否繼續佔領期貨交易量並減少代幣供應。

Whale Activity on Hyperliquid

超液體上的鯨魚活動

A notable event occurred on November 6, 2025, when a newly created Hyperliquid whale deposited $7 million in USDC and opened leveraged short positions on Bitcoin and XRP, totaling over $110 million. This activity highlights the platform's liquidity and the potential systemic risks associated with large, concentrated positions.

2025 年 11 月 6 日發生了一件值得注意的事件，當時新創建的 Hyperliquid 鯨魚存入了 700 萬美元的 USDC，並開設了比特幣和 XRP 的槓桿空頭頭寸，總額超過 1.1 億美元。這一活動凸顯了該平台的流動性以及與大量、集中頭寸相關的潛在系統性風險。

Pump.fun and the Meme Coin Frenzy

Pump.fun 和 Meme 硬幣狂熱

Pump.fun remains a significant player in the meme coin market, churning out thousands of tokens daily. However, the meme coin sector has experienced a downturn, with market capitalization decreasing and trading volume sliding. While Pump.fun facilitates rapid token launches, the overall meme coin market is facing selling pressure.

Pump.fun 仍然是模因幣市場的重要參與者，每天生產數千個代幣。然而，表情幣行業卻經歷了低迷，市值下降，交易量下滑。雖然 Pump.fun 促進了代幣的快速發行，但整個模因幣市場正面臨拋售壓力。

ASTER's Recovery: A Case Study

ASTER 的複蘇：案例研究

On November 6, 2025, ASTER, the native token of Aster, recovered, reclaiming the $1.00 mark. This recovery was driven by buybacks, new on-exchange utility (as DEX collateral), and a disclosure from Changpeng “CZ” Zhao about purchasing ASTER tokens. ASTER’s story is about mechanics meeting momentum.

2025 年 11 月 6 日，Aster 原生代幣 ASTER 回升，重回 1.00 美元大關。這一複蘇是由回購、新的交易所實用程序（作為 DEX 抵押品）以及趙長鵬“CZ”關於購買 ASTER 代幣的披露推動的。 ASTER 的故事是關於機械與動力的故事。

Balancing Buybacks and Ecosystem Growth

平衡回購和生態系統增長

Hyperliquid is currently debating HIP-5, a proposal to redirect a portion of daily fees to support new ecosystem projects. While this could foster a healthier economy around Hyperliquid, some argue that the buyback program should remain the priority. The outcome of this debate could significantly impact HYPE's price trajectory.

Hyperliquid 目前正在討論 HIP-5，該提案將部分每日費用用於支持新的生態系統項目。雖然這可能會促進 Hyperliquid 周圍的經濟更加健康，但一些人認為回購計劃仍應是首要任務。這場辯論的結果可能會對 HYPE 的價格軌跡產生重大影響。

Final Thoughts

最後的想法

Hyperliquid's strategic buybacks and dominant position in futures trading make it a platform to watch. While Pump.fun continues to fuel the meme coin market, the long-term sustainability of this model remains questionable. The crypto world is always evolving, so buckle up and enjoy the ride!

Hyperliquid 的戰略回購和在期貨交易中的主導地位使其成為值得關注的平台。雖然 Pump.fun 繼續推動 meme 幣市場，但這種模式的長期可持續性仍然值得懷疑。加密世界總是在不斷發展，所以係好安全帶，享受這段旅程吧！