tags. Let me make sure the structure is right. Let me finalize: Title: "Crypto Buybacks Top $638M, But Sustainability Questions Loom" Slug: "crypto-buybacks-638m-sustainability-questions" Subtitle: "Hyperliquid leads the buyback charge, but the model's long-term viability is in question." Content:
Crypto buybacks have reached $638 million, a tally that puts the practice firmly in the mainstream. Hyperliquid has emerged as the dominant buyer, setting the pace for a model that's now under scrutiny. The question isn't whether buybacks work — it's whether they can keep working.
The $638 million tally
The number covers buybacks across the crypto sector, a figure that's grown quickly as projects look for ways to support their own tokens. It's real money, and it's being spent at a time when many projects are tightening budgets. The buyback has become a standard tool, but it's a tool with limits.
Buybacks work by reducing the supply of a token in circulation. When a project buys back its own tokens, it typically removes them from the market, which can support the price. That's the theory, anyway. In practice, the effect depends on how much revenue the project has to spend and how much new supply is being created at the same time.
Hyperliquid's lead
Hyperliquid is the biggest name in the buyback space
