Hyperliquid has initiated a significant $2.8 million buyback of its HYPE tokens, marking a substantial move in the crypto buyback landscape. This buyback is notably six times larger than that of Pump, highlighting Hyperliquid's aggressive strategy. The activity has drawn attention from major holders, including Paradigm, which holds $763 million in HYPE. Following the buyback, the price of HYPE has stabilized above $39, sparking hopes of a potential price reversal. Analysts suggest that if the current momentum continues, HYPE could target price levels of $50 and $60, indicating a bullish outlook for the token.