Chi&#7871;n d&#7883;ch mua l&#7841;i token tr&#7883; gi&aacute; 70 tri&#7879;u USD c&#7911;a Jupiter Exchange v&agrave;o n&#259;m 2025 &#273;&atilde; kh&ocirc;ng th&#7875; ng&#259;n &#273;&#432;&#7907;c &aacute;p l&#7921;c b&aacute;n m&#7841;nh xu&#7889;ng &#273;&#7889;i v&#7899;i JUP token, v&#7889;n v&#7851;n &#273;ang ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i &#273;&#7907;t m&#7903; kh&oacute;a t&#7899;i 1.2 t&#7927; USD s&#7855;p t&#7899;i.
M&#7913;c gi&aacute; c&#7911;a token n&agrave;y &#273;&atilde; gi&#7843;m 89% so v&#7899;i &#273;&#7881;nh, cho th&#7845;y h&#7841;n ch&#7871; c&#7911;a c&aacute;c chi&#7871;n l&#432;&#7907;c mua l&#7841;i truy&#7873;n th&#7889;ng trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng c&oacute; l&#432;&#7907;ng ph&aacute;t h&agrave;nh l&#7899;n, m&#7903; kh&oacute;a li&ecirc;n t&#7909;c v&agrave; &aacute;p l&#7921;c b&aacute;n ra qu&aacute; m&#7841;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-jupiter-faces-backlash-as-70-million-buybacks-fail-against-1-2-billion-token-unlock-s">Jupiter &#273;&#7889;i m&#7863;t l&agrave;n s&oacute;ng ch&#7881; tr&iacute;ch khi ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i 70 tri&#7879;u USD kh&ocirc;ng &#273;&#7911; tr&#432;&#7899;c &#273;&#7907;t m&#7903; kh&oacute;a token tr&#7883; gi&aacute; 1,2 t&#7927; USD</h2>

Nh&agrave; s&aacute;ng l&#7853;p Siong &#273;&atilde; t&#7841;o n&ecirc;n nhi&#7873;u &yacute; ki&#7871;n tr&aacute;i chi&#7873;u trong c&#7897;ng &#273;&#7891;ng khi &#273;&#7873; xu&#7845;t t&#7841;m ng&#432;ng <a href="https://beincrypto.com/jup-token-price-rally-burn-buy-back/" target="_blank" rel="noreferrer noopener">mua l&#7841;i JUP</a> &#273;&#7875; chuy&#7875;n ngu&#7891;n l&#7921;c n&agrave;y sang c&aacute;c ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng th&uacute;c &#273;&#7849;y t&#259;ng tr&#432;&#7903;ng.
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&ldquo;Ch&uacute;ng t&ocirc;i &#273;&atilde; b&#7887; h&#417;n 70 tri&#7879;u USD &#273;&#7875; mua l&#7841;i token trong n&#259;m v&#7915;a r&#7891;i, nh&#432;ng gi&aacute; th&#7921;c t&#7871; kh&ocirc;ng bi&#7871;n &#273;&#7897;ng nhi&#7873;u,&rdquo; anh &#7845;y <a href="https://x.com/sssionggg/status/2007275334551646302?s=20" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a> tr&ecirc;n X. &ldquo;Ch&uacute;ng ta c&oacute; th&#7875; d&ugrave;ng 70 tri&#7879;u USD n&agrave;y &#273;&#7875; t&#7841;o ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng cho ng&#432;&#7901;i d&ugrave;ng c&#361; v&agrave; m&#7899;i. C&oacute; n&ecirc;n l&agrave;m v&#7853;y kh&ocirc;ng?&rdquo;
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&#272;&#7873; xu&#7845;t n&agrave;y <a href="https://x.com/sssionggg/status/2007486294742700405" target="_blank" rel="noreferrer noopener nofollow">nh&#7855;m t&#7899;i</a> vi&#7879;c d&ugrave;ng qu&#7929; th&#432;&#7903;ng cho ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng t&iacute;ch c&#7921;c v&agrave; h&#7895; tr&#7907; ng&#432;&#7901;i m&#7899;i, chuy&#7875;n tr&#7885;ng t&acirc;m t&#7915; b&#7843;o v&#7879; gi&aacute; sang ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i.
Ph&#7843;n h&#7891;i t&#7915; c&#7897;ng &#273;&#7891;ng c&oacute; ph&#7847;n chia r&#7869;. M&#7897;t s&#7889; &yacute; ki&#7871;n cho r&#7857;ng vi&#7879;c mua l&#7841;i l&agrave; kh&ocirc;ng hi&#7879;u qu&#7843; khi JUP b&#7883; <a href="https://vn.beincrypto.com/xrp-exchange-reserves-supply-shock-analysis/" target="_blank" rel="noreferrer noopener">&aacute;p l&#7921;c m&#7903; kh&oacute;a qu&aacute; l&#7899;n</a>, trong khi ng&#432;&#7901;i kh&aacute;c lo ng&#7841;i d&#7915;ng mua l&#7841;i c&oacute; th&#7875; khi&#7871;n gi&aacute; gi&#7843;m th&ecirc;m.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/40c6VlDmcuqQB3bEOsoQ4BUec8U=/smart/2813d66eeccd42ef94666b09ca6ac267" alt="Jupiter (JUP) Price Performance" class="wp-image-787826" style="width:1009px;height:auto">Di&#7877;n bi&#7871;n gi&aacute; c&#7911;a Jupiter (JUP). Ngu&#7891;n: <a href="https://beincrypto.com/price/jupiter/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

T&aacute;c &#273;&#7897;ng c&#7911;a vi&#7879;c mua l&#7841;i token c&#7911;a Jupiter ch&#7881; chi&#7871;m kho&#7843;ng 6% tr&ecirc;n t&#7893;ng l&#432;&#7907;ng token &#273;&#432;&#7907;c m&#7903; kh&oacute;a, cho th&#7845;y b&agrave;i to&aacute;n r&#7845;t nan gi&#7843;i. Trong khi &#273;&oacute;, l&#7883;ch m&#7903; kh&oacute;a m&#7895;i th&aacute;ng kho&#7843;ng 53 tri&#7879;u JUP s&#7869; k&eacute;o d&agrave;i &#273;&#7871;n th&aacute;ng 06/2026, l&agrave;m ngu&#7891;n cung l&#432;u th&ocirc;ng &#273;&atilde; t&#259;ng kho&#7843;ng 150% t&#7915; khi ra m&#7855;t, d&ugrave; c&oacute; 100 tri&#7879;u token &#273;ang b&#7883; kh&oacute;a trong 3 n&#259;m.
Nh&agrave; &#273;&#7891;ng s&aacute;ng l&#7853;p Solana, Anatoly Yakovenko, c&#361;ng &#273;&atilde; &#273;&#432;a ra g&#7907;i &yacute; cho Jupiter. &Ocirc;ng &#273;&#7873; xu&#7845;t l&#432;u tr&#7919; l&#7907;i nhu&#7853;n th&agrave;nh t&agrave;i s&#7843;n c&oacute; th&#7875; y&ecirc;u c&#7847;u r&uacute;t v&#7873; sau v&agrave; d&ugrave;ng &#273;&#7875; tr&#7843; th&#432;&#7903;ng staking 1 n&#259;m cho nh&#7919;ng ai n&#7855;m gi&#7919; l&acirc;u d&agrave;i.
Theo v&#7883; l&atilde;nh &#273;&#7841;o Solana, h&#432;&#7899;ng &#273;i n&agrave;y s&#7869; gi&uacute;p &#273;&#7883;nh gi&aacute; token s&aacute;t h&#417;n th&#7921;c t&#7871; trong c&aacute;c &#273;&#7907;t m&#7903; kh&oacute;a, &#273;&#7891;ng th&#7901;i t&#7841;o gi&aacute; tr&#7883; b&#7873;n v&#7919;ng sau m&#7895;i l&#7847;n mua l&#7841;i.
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&ldquo;H&atilde;y &#273;&#7875; ng&#432;&#7901;i d&ugrave;ng g&#7917;i kh&oacute;a v&agrave; stake token trong 1 n&#259;m &#273;&#7875; nh&#7853;n l&atilde;i su&#7845;t t&#7915; token. Khi qu&#7929; d&#7921; tr&#7919; t&#259;ng, ai stake c&agrave;ng nh&#7853;n &#273;&#432;&#7907;c ph&#7847;n th&#432;&#7903;ng l&#7899;n h&#417;n,&rdquo; &ocirc;ng <a href="https://x.com/toly/status/2007387868226826490" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867; th&ecirc;m</a>.
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M&ocirc; h&igrave;nh n&agrave;y ch&uacute; tr&#7885;ng x&acirc;y d&#7921;ng ngu&#7891;n v&#7889;n d&agrave;i h&#7841;n thay v&igrave; t&#7853;p trung v&agrave;o c&aacute;c &#273;&#7907;t mua l&#7841;i ng&#7855;n h&#7841;n, gi&uacute;p t&#259;ng gi&aacute; tr&#7883; th&#7921;c v&agrave; s&#7921; g&#7855;n k&#7871;t c&#7911;a token qua th&#7901;i gian.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-helium-and-jupiter-highlight-the-limits-of-conventional-buybacks">Helium v&agrave; Jupiter cho th&#7845;y gi&#7899;i h&#7841;n c&#7911;a ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i truy&#7873;n th&#7889;ng</h2>

Kh&ocirc;ng ch&#7881; Jupiter DEX m&#7899;i tranh c&atilde;i v&#7873; vi&#7879;c mua l&#7841;i token. G&#7847;n &#273;&acirc;y Helium &#273;&atilde; t&#7841;m d&#7915;ng ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i HNT khi nh&#7853;n ra th&#7883; tr&#432;&#7901;ng g&#7847;n nh&#432; kh&ocirc;ng ph&#7843;n &#7913;ng. Thay v&agrave;o &#273;&oacute;, h&#7885; ch&#7885;n &#273;&#7847;u t&#432; ngu&#7891;n l&#7921;c &#273;&#7875; ph&aacute;t tri&#7875;n ng&#432;&#7901;i d&ugrave;ng, ch&#7859;ng h&#7841;n nh&#432; thu h&uacute;t thu&ecirc; bao m&#7899;i cho Helium Mobile v&agrave; m&#7903; r&#7897;ng m&#7841;ng l&#432;&#7899;i hotspot.
Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i mua l&#7841;i token cho r&#7857;ng v&#7899;i h&#7879; sinh th&aacute;i coi token nh&#432; phi&#7871;u s&#7917; d&#7909;ng ti&#7879;n &iacute;ch thay v&igrave; c&#7893; phi&#7871;u, mua l&#7841;i ch&#7881; t&#7841;o hi&#7879;u &#7913;ng th&#7883; tr&#432;&#7901;ng ng&#7855;n h&#7841;n v&agrave; kh&ocirc;ng gi&#7843;i quy&#7871;t &#273;&#432;&#7907;c khi &aacute;p l&#7921;c b&aacute;n c&#7845;u tr&uacute;c l&#7899;n.
H&#7879; sinh th&aacute;i Solana c&ograve;n ph&#7913;c t&#7841;p h&#417;n, do vi&#7879;c m&#7903; kh&oacute;a c&#7911;a &#273;&#7897;i ng&#361;, &#432;u ti&ecirc;n cho ng&#432;&#7901;i trong cu&#7897;c v&agrave; ph&aacute;t h&agrave;nh token li&ecirc;n t&#7909;c lu&ocirc;n l&agrave;m lo&atilde;ng n&#7895; l&#7921;c mua l&#7841;i.
C&aacute;c th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng ch&#7881; ra r&#7857;ng nh&#7919;ng v&#7845;n &#273;&#7873; v&#7873; c&#7845;u tr&uacute;c, kh&ocirc;ng ph&#7843;i ch&#7881; m&#7895;i c&aacute;ch mua l&#7841;i, m&#7899;i l&agrave; l&yacute; do l&agrave;m c&aacute;c bi&#7879;n ph&aacute;p ph&ograve;ng th&#7911; n&agrave;y th&#432;&#7901;ng th&#7845;t b&#7841;i. M&#7897;t s&#7889; g&#7907;i &yacute; r&#7857;ng c&aacute;c c&aacute;ch ti&#7871;p c&#7853;n linh ho&#7841;t nh&#432; th&#432;&#7903;ng d&#7921;a tr&ecirc;n staking ho&#7863;c mua l&#7841;i d&#7921;a tr&ecirc;n &#273;&aacute;nh gi&aacute; gi&aacute; tr&#7883; c&oacute; th&#7875; mang l&#7841;i hi&#7879;u qu&#7843; h&#417;n.
B&agrave;i to&aacute;n c&#7911;a Jupiter hi&#7879;n v&#7851;n l&agrave; c&acirc;n b&#7857;ng gi&#7919;a h&#7895; tr&#7907; gi&aacute; ng&#7855;n h&#7841;n v&agrave; ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i d&agrave;i h&#7841;n. D&ugrave; 70 tri&#7879;u USD cho mua l&#7841;i ch&#432;a &#273;&#7911; &#273;&#7875; &#7893;n &#273;&#7883;nh token, nh&#432;ng c&aacute;c g&#7907;i &yacute; c&#7911;a Yakovenko cho th&#7845;y h&#432;&#7899;ng &#273;i t&#432;&#417;ng lai, n&#417;i x&acirc;y d&#7921;ng v&#7889;n b&#7873;n v&#7919;ng v&agrave; ph&#7847;n th&#432;&#7903;ng staking c&oacute; th&#7875; gi&uacute;p c&#7897;ng &#273;&#7891;ng g&#7855;n k&#7871;t l&#7907;i &iacute;ch v&#7899;i gi&aacute; tr&#7883; v&#7919;ng ch&#7855;c c&#7911;a token.

70 triệu USD mua lại không cứu được Jupiter: đồng sáng lập Solana giải thích lý do chiến lược token thất bại

Chi&#7871;n d&#7883;ch mua l&#7841;i token tr&#7883; gi&aacute; 70 tri&#7879;u USD c&#7911;a Jupiter Exchange v&agrave;o n&#259;m 2025 &#273;&atilde; kh&ocirc;ng th&#7875; ng&#259;n &#273;&#432;&#7907;c &aacute;p l&#7921;c b&aacute;n m&#7841;nh xu&#7889;ng &#273;&#7889;i v&#7899;i JUP token, v&#7889;n v&#7851;n &#273;ang ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i &#273;&#7907;t m&#7903; kh&oacute;a t&#7899;i 1.2 t&#7927; USD s&#7855;p t&#7899;i.
M&#7913;c gi&aacute; c&#7911;a token n&agrave;y &#273;&atilde; gi&#7843;m 89% so v&#7899;i &#273;&#7881;nh, cho th&#7845;y h&#7841;n ch&#7871; c&#7911;a c&aacute;c chi&#7871;n l&#432;&#7907;c mua l&#7841;i truy&#7873;n th&#7889;ng trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng c&oacute; l&#432;&#7907;ng ph&aacute;t h&agrave;nh l&#7899;n, m&#7903; kh&oacute;a li&ecirc;n t&#7909;c v&agrave; &aacute;p l&#7921;c b&aacute;n ra qu&aacute; m&#7841;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-jupiter-faces-backlash-as-70-million-buybacks-fail-against-1-2-billion-token-unlock-s">Jupiter &#273;&#7889;i m&#7863;t l&agrave;n s&oacute;ng ch&#7881; tr&iacute;ch khi ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i 70 tri&#7879;u USD kh&ocirc;ng &#273;&#7911; tr&#432;&#7899;c &#273;&#7907;t m&#7903; kh&oacute;a token tr&#7883; gi&aacute; 1,2 t&#7927; USD</h2>

Nh&agrave; s&aacute;ng l&#7853;p Siong &#273;&atilde; t&#7841;o n&ecirc;n nhi&#7873;u &yacute; ki&#7871;n tr&aacute;i chi&#7873;u trong c&#7897;ng &#273;&#7891;ng khi &#273;&#7873; xu&#7845;t t&#7841;m ng&#432;ng <a href="https://beincrypto.com/jup-token-price-rally-burn-buy-back/" target="_blank" rel="noreferrer noopener">mua l&#7841;i JUP</a> &#273;&#7875; chuy&#7875;n ngu&#7891;n l&#7921;c n&agrave;y sang c&aacute;c ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng th&uacute;c &#273;&#7849;y t&#259;ng tr&#432;&#7903;ng.
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&ldquo;Ch&uacute;ng t&ocirc;i &#273;&atilde; b&#7887; h&#417;n 70 tri&#7879;u USD &#273;&#7875; mua l&#7841;i token trong n&#259;m v&#7915;a r&#7891;i, nh&#432;ng gi&aacute; th&#7921;c t&#7871; kh&ocirc;ng bi&#7871;n &#273;&#7897;ng nhi&#7873;u,&rdquo; anh &#7845;y <a href="https://x.com/sssionggg/status/2007275334551646302?s=20" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a> tr&ecirc;n X. &ldquo;Ch&uacute;ng ta c&oacute; th&#7875; d&ugrave;ng 70 tri&#7879;u USD n&agrave;y &#273;&#7875; t&#7841;o ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng cho ng&#432;&#7901;i d&ugrave;ng c&#361; v&agrave; m&#7899;i. C&oacute; n&ecirc;n l&agrave;m v&#7853;y kh&ocirc;ng?&rdquo;
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&#272;&#7873; xu&#7845;t n&agrave;y <a href="https://x.com/sssionggg/status/2007486294742700405" target="_blank" rel="noreferrer noopener nofollow">nh&#7855;m t&#7899;i</a> vi&#7879;c d&ugrave;ng qu&#7929; th&#432;&#7903;ng cho ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng t&iacute;ch c&#7921;c v&agrave; h&#7895; tr&#7907; ng&#432;&#7901;i m&#7899;i, chuy&#7875;n tr&#7885;ng t&acirc;m t&#7915; b&#7843;o v&#7879; gi&aacute; sang ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i.
Ph&#7843;n h&#7891;i t&#7915; c&#7897;ng &#273;&#7891;ng c&oacute; ph&#7847;n chia r&#7869;. M&#7897;t s&#7889; &yacute; ki&#7871;n cho r&#7857;ng vi&#7879;c mua l&#7841;i l&agrave; kh&ocirc;ng hi&#7879;u qu&#7843; khi JUP b&#7883; <a href="https://vn.beincrypto.com/xrp-exchange-reserves-supply-shock-analysis/" target="_blank" rel="noreferrer noopener">&aacute;p l&#7921;c m&#7903; kh&oacute;a qu&aacute; l&#7899;n</a>, trong khi ng&#432;&#7901;i kh&aacute;c lo ng&#7841;i d&#7915;ng mua l&#7841;i c&oacute; th&#7875; khi&#7871;n gi&aacute; gi&#7843;m th&ecirc;m.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/40c6VlDmcuqQB3bEOsoQ4BUec8U=/smart/2813d66eeccd42ef94666b09ca6ac267" alt="Jupiter (JUP) Price Performance" class="wp-image-787826" style="width:1009px;height:auto">Di&#7877;n bi&#7871;n gi&aacute; c&#7911;a Jupiter (JUP). Ngu&#7891;n: <a href="https://beincrypto.com/price/jupiter/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

T&aacute;c &#273;&#7897;ng c&#7911;a vi&#7879;c mua l&#7841;i token c&#7911;a Jupiter ch&#7881; chi&#7871;m kho&#7843;ng 6% tr&ecirc;n t&#7893;ng l&#432;&#7907;ng token &#273;&#432;&#7907;c m&#7903; kh&oacute;a, cho th&#7845;y b&agrave;i to&aacute;n r&#7845;t nan gi&#7843;i. Trong khi &#273;&oacute;, l&#7883;ch m&#7903; kh&oacute;a m&#7895;i th&aacute;ng kho&#7843;ng 53 tri&#7879;u JUP s&#7869; k&eacute;o d&agrave;i &#273;&#7871;n th&aacute;ng 06/2026, l&agrave;m ngu&#7891;n cung l&#432;u th&ocirc;ng &#273;&atilde; t&#259;ng kho&#7843;ng 150% t&#7915; khi ra m&#7855;t, d&ugrave; c&oacute; 100 tri&#7879;u token &#273;ang b&#7883; kh&oacute;a trong 3 n&#259;m.
Nh&agrave; &#273;&#7891;ng s&aacute;ng l&#7853;p Solana, Anatoly Yakovenko, c&#361;ng &#273;&atilde; &#273;&#432;a ra g&#7907;i &yacute; cho Jupiter. &Ocirc;ng &#273;&#7873; xu&#7845;t l&#432;u tr&#7919; l&#7907;i nhu&#7853;n th&agrave;nh t&agrave;i s&#7843;n c&oacute; th&#7875; y&ecirc;u c&#7847;u r&uacute;t v&#7873; sau v&agrave; d&ugrave;ng &#273;&#7875; tr&#7843; th&#432;&#7903;ng staking 1 n&#259;m cho nh&#7919;ng ai n&#7855;m gi&#7919; l&acirc;u d&agrave;i.
Theo v&#7883; l&atilde;nh &#273;&#7841;o Solana, h&#432;&#7899;ng &#273;i n&agrave;y s&#7869; gi&uacute;p &#273;&#7883;nh gi&aacute; token s&aacute;t h&#417;n th&#7921;c t&#7871; trong c&aacute;c &#273;&#7907;t m&#7903; kh&oacute;a, &#273;&#7891;ng th&#7901;i t&#7841;o gi&aacute; tr&#7883; b&#7873;n v&#7919;ng sau m&#7895;i l&#7847;n mua l&#7841;i.
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&ldquo;H&atilde;y &#273;&#7875; ng&#432;&#7901;i d&ugrave;ng g&#7917;i kh&oacute;a v&agrave; stake token trong 1 n&#259;m &#273;&#7875; nh&#7853;n l&atilde;i su&#7845;t t&#7915; token. Khi qu&#7929; d&#7921; tr&#7919; t&#259;ng, ai stake c&agrave;ng nh&#7853;n &#273;&#432;&#7907;c ph&#7847;n th&#432;&#7903;ng l&#7899;n h&#417;n,&rdquo; &ocirc;ng <a href="https://x.com/toly/status/2007387868226826490" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867; th&ecirc;m</a>.
</blockquote>

M&ocirc; h&igrave;nh n&agrave;y ch&uacute; tr&#7885;ng x&acirc;y d&#7921;ng ngu&#7891;n v&#7889;n d&agrave;i h&#7841;n thay v&igrave; t&#7853;p trung v&agrave;o c&aacute;c &#273;&#7907;t mua l&#7841;i ng&#7855;n h&#7841;n, gi&uacute;p t&#259;ng gi&aacute; tr&#7883; th&#7921;c v&agrave; s&#7921; g&#7855;n k&#7871;t c&#7911;a token qua th&#7901;i gian.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-helium-and-jupiter-highlight-the-limits-of-conventional-buybacks">Helium v&agrave; Jupiter cho th&#7845;y gi&#7899;i h&#7841;n c&#7911;a ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i truy&#7873;n th&#7889;ng</h2>

Kh&ocirc;ng ch&#7881; Jupiter DEX m&#7899;i tranh c&atilde;i v&#7873; vi&#7879;c mua l&#7841;i token. G&#7847;n &#273;&acirc;y Helium &#273;&atilde; t&#7841;m d&#7915;ng ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i HNT khi nh&#7853;n ra th&#7883; tr&#432;&#7901;ng g&#7847;n nh&#432; kh&ocirc;ng ph&#7843;n &#7913;ng. Thay v&agrave;o &#273;&oacute;, h&#7885; ch&#7885;n &#273;&#7847;u t&#432; ngu&#7891;n l&#7921;c &#273;&#7875; ph&aacute;t tri&#7875;n ng&#432;&#7901;i d&ugrave;ng, ch&#7859;ng h&#7841;n nh&#432; thu h&uacute;t thu&ecirc; bao m&#7899;i cho Helium Mobile v&agrave; m&#7903; r&#7897;ng m&#7841;ng l&#432;&#7899;i hotspot.
Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i mua l&#7841;i token cho r&#7857;ng v&#7899;i h&#7879; sinh th&aacute;i coi token nh&#432; phi&#7871;u s&#7917; d&#7909;ng ti&#7879;n &iacute;ch thay v&igrave; c&#7893; phi&#7871;u, mua l&#7841;i ch&#7881; t&#7841;o hi&#7879;u &#7913;ng th&#7883; tr&#432;&#7901;ng ng&#7855;n h&#7841;n v&agrave; kh&ocirc;ng gi&#7843;i quy&#7871;t &#273;&#432;&#7907;c khi &aacute;p l&#7921;c b&aacute;n c&#7845;u tr&uacute;c l&#7899;n.
H&#7879; sinh th&aacute;i Solana c&ograve;n ph&#7913;c t&#7841;p h&#417;n, do vi&#7879;c m&#7903; kh&oacute;a c&#7911;a &#273;&#7897;i ng&#361;, &#432;u ti&ecirc;n cho ng&#432;&#7901;i trong cu&#7897;c v&agrave; ph&aacute;t h&agrave;nh token li&ecirc;n t&#7909;c lu&ocirc;n l&agrave;m lo&atilde;ng n&#7895; l&#7921;c mua l&#7841;i.
C&aacute;c th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng ch&#7881; ra r&#7857;ng nh&#7919;ng v&#7845;n &#273;&#7873; v&#7873; c&#7845;u tr&uacute;c, kh&ocirc;ng ph&#7843;i ch&#7881; m&#7895;i c&aacute;ch mua l&#7841;i, m&#7899;i l&agrave; l&yacute; do l&agrave;m c&aacute;c bi&#7879;n ph&aacute;p ph&ograve;ng th&#7911; n&agrave;y th&#432;&#7901;ng th&#7845;t b&#7841;i. M&#7897;t s&#7889; g&#7907;i &yacute; r&#7857;ng c&aacute;c c&aacute;ch ti&#7871;p c&#7853;n linh ho&#7841;t nh&#432; th&#432;&#7903;ng d&#7921;a tr&ecirc;n staking ho&#7863;c mua l&#7841;i d&#7921;a tr&ecirc;n &#273;&aacute;nh gi&aacute; gi&aacute; tr&#7883; c&oacute; th&#7875; mang l&#7841;i hi&#7879;u qu&#7843; h&#417;n.
B&agrave;i to&aacute;n c&#7911;a Jupiter hi&#7879;n v&#7851;n l&agrave; c&acirc;n b&#7857;ng gi&#7919;a h&#7895; tr&#7907; gi&aacute; ng&#7855;n h&#7841;n v&agrave; ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i d&agrave;i h&#7841;n. D&ugrave; 70 tri&#7879;u USD cho mua l&#7841;i ch&#432;a &#273;&#7911; &#273;&#7875; &#7893;n &#273;&#7883;nh token, nh&#432;ng c&aacute;c g&#7907;i &yacute; c&#7911;a Yakovenko cho th&#7845;y h&#432;&#7899;ng &#273;i t&#432;&#417;ng lai, n&#417;i x&acirc;y d&#7921;ng v&#7889;n b&#7873;n v&#7919;ng v&agrave; ph&#7847;n th&#432;&#7903;ng staking c&oacute; th&#7875; gi&uacute;p c&#7897;ng &#273;&#7891;ng g&#7855;n k&#7871;t l&#7907;i &iacute;ch v&#7899;i gi&aacute; tr&#7883; v&#7919;ng ch&#7855;c c&#7911;a token.