Crypto buybacks have emerged as a significant market force, with projects like HyperliquidX and Pumpdotfun showcasing varied outcomes. HyperliquidX has directed 97% of its fees into $HYPE buybacks, amassing over $1 billion in purchases, while Pumpdotfun's $44 million buyback efforts have not sustained price increases. The effectiveness of buybacks hinges on factors such as supply balance, order flow, and liquidity depth. The article delves into different buyback models, including constant revenue share, TWAP triggers, and valuation-based triggers, highlighting the conditions necessary for success. It stresses the importance of distinguishing between artificial and genuine demand, offering metrics to evaluate the impact of buybacks. Understanding these dynamics is crucial for determining whether buybacks provide durable market support or are merely cosmetic measures.