The recent rally in the buyback wave looked quite fierce, but it disappeared just as quickly—over the past two weeks, altcoin rebounds have been in a state of shrinking volume. Since the spike in mid-October, the market signals have been very clear: funds have bottomed out and there’s no strength left to push prices higher.

Take a governance token from a leading DEX as an example. As an established liquidity protocol, there hasn’t been any significant innovation in recent years. Relying solely on project buybacks to boost the price? That’s not very realistic. The accumulated trapped positions are stacked high, and there’s no new capital continuously flowing in to replenish the market—ultimately, it turns into internal fund shuffling. The project team has to spend huge costs just to support the price, which is not cost-effective.

However, from a different perspective—if your strategy is to do medium- to long-term dollar-cost averaging, these kinds of tokens can still be considered. The reasons are simple: they are relatively resilient to declines, have a sound revenue model, and are supported by solid positive cash flow. Projects like $UNI have a strong fundamental base.

Overall judgment: the probability of a quick surge in the short term is low, as there aren’t many bullets left. But if you can withstand the volatility, use dollar-cost averaging to lower your average cost, the medium- to long-term return prospects are still more stable.