The current sentiment in the crypto community leans towards a decline in speculation, with a resurgence in fundamental revenue drivers for crypto assets. Despite the reduced activity in memecoins due to recent controversies, such as the launch of LIBRA, data shows that memecoins are not quite dead. Over the past week, 187,000 new tokens were launched via Pump.fun, generating significant revenue. Moreover, several crypto firms, including Jupiter and Raydium, have shifted their focus to fundamental assets by announcing token buybacks, a strategy reminiscent of stock buybacks in traditional finance. However, the effectiveness of buybacks in the decentralized finance space can be questioned, as high-growth crypto products might benefit more from reinvestment into user acquisition and expansion rather than returning capital to tokenholders. Thus, while fundamentals are gaining traction in investment strategies, token buybacks may not always represent the best paths for growth.

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