$638M Token Buyback Surge in 2026 Dominated by Hyperliquid and Pump.fun

Crypto projects have repurchased approximately $638 million worth of their native tokens between January and August 31, according to data from Allium Labs cited by the Financial Times. This figure exceeds last year's comparable total, which was around $545 million.

The majority of these buybacks come from two sources: Hyperliquid and Pump.fun, which together account for nearly 90% of tracked repurchases. Their dominance means that the overall increase does not represent uniform adoption across the crypto market.

Hyperliquid operates a revenue-funded repurchase program, routing 99% of eligible trading fees to its Assistance Fund. The system converts these fees into HYPE tokens through automated purchases executed as part of Hyperliquid's layer-1 operations. These purchased tokens are then burned, permanently removing them from supply.

The cumulative number of tokens bought and cancelled by Hyperliquid since launching in December 2024 is around $1.3 billion, which should not be added to the annual total of $638 million. The token's price has gained approximately 70% over the previous year, trading near $63.35 on August 31.