超流动性、回购和 Pump.fun：解读趋势

分析 Hyperliquid 的回购、Pump.fun 的 meme 代币发行之间的相互作用，以及它们对加密货币格局的影响。 Hyperliquid 的方法可持续吗？

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、回购和 Pump.fun——这些名字在加密货币领域非常热门。让我们来分析一下正在发生的事情以及这一切意味着什么。

Hyperliquid's Dominance in Buybacks

Hyperliquid 在回购中占据主导地位

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 以其激进的回购计划掀起了波澜。最近的数据显示，Hyperliquid 已花费约 9.16 亿美元回购 HYPE，使 Pump.fun 的努力相形见绌六倍多。这一策略收紧了代币供应，可能会推高价格。

The HYPE Effect: Price Predictions

炒作效应：价格预测

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.

以目前的势头，37.89 美元左右的 HYPE 价格在短期内实际上可能会达到 50 美元。一些分析师甚至猜测，如果 Hyperliquid 保持增长和回购步伐，定价将达到三位数。关键是Hyperliquid能否继续占领期货交易量并减少代币供应。

Whale Activity on Hyperliquid

超液体上的鲸鱼活动

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 日发生了一件值得注意的事件，当时新创建的 Hyperliquid 鲸鱼存入了 700 万美元的 USDC，并开设了比特币和 XRP 的杠杆空头头寸，总额超过 1.1 亿美元。这一活动凸显了该平台的流动性以及与大量、集中头寸相关的潜在系统性风险。

Pump.fun and the Meme Coin Frenzy

Pump.fun 和 Meme 硬币狂热

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 仍然是模因币市场的重要参与者，每天生产数千个代币。然而，表情币行业却经历了低迷，市值下降，交易量下滑。虽然 Pump.fun 促进了代币的快速发行，但整个模因币市场正面临抛售压力。

ASTER's Recovery: A Case Study

ASTER 的复苏：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 原生代币 ASTER 回升，重回 1.00 美元大关。这一复苏是由回购、新的交易所实用程序（作为 DEX 抵押品）以及赵长鹏“CZ”关于购买 ASTER 代币的披露推动的。 ASTER 的故事是关于机械与动力的故事。

Balancing Buybacks and Ecosystem Growth

平衡回购和生态系统增长

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 目前正在讨论 HIP-5，该提案将部分每日费用用于支持新的生态系统项目。虽然这可能会促进 Hyperliquid 周围的经济更加健康，但一些人认为回购计划仍应是首要任务。这场辩论的结果可能会对 HYPE 的价格轨迹产生重大影响。

Final Thoughts

最后的想法

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 的战略回购和在期货交易中的主导地位使其成为值得关注的平台。虽然 Pump.fun 继续推动 meme 币市场，但这种模式的长期可持续性仍然值得怀疑。加密世界总是在不断发展，所以系好安全带，享受这段旅程吧！