$HYPE can be killed by the same thing making people bullish on it.
The buyback story is easy to love.
> Traders use Hyperliquid
> Fees come in
> A big part of those fees goes back into buying
$HYPE
Clean story and easy narrative
That is why people can explain
$HYPE better than most crypto tokens.
But the same thing that makes the flywheel powerful also makes it fragile.
The buyback is only as strong as the activity feeding it.
If traders keep showing up,
$HYPE keeps looking like one of the cleanest tokens in the market.
If volume slows down hard, the same buyback story starts looking weaker very fast.
That does not mean
$HYPE is bad.
It means
$HYPE is not only trading on price.
It is trading on belief that Hyperliquid will keep attracting serious trading activity.