$638M Token Buyback Surge Led by Hyperliquid and Pump.fun
Two decentralized exchanges, Hyperliquid and Pump.fun, are behind nearly 90% of the record $638 million in token buybacks across the crypto industry this year.
The trend, which mirrors traditional stock buybacks, has seen these platforms use significant portions of their revenue to repurchase tokens, reinforcing their strength and investor confidence.
Hyperliquid contributed roughly $370 million and Pump.fun added close to $200 million to the total, with both platforms' tokens outperforming a declining market. HYPE is up 145% year-to-date, while PUMP has gained 109%, even as Bitcoin fell 10% and total crypto market capitalization dropped 11.9%.
Analysts say this trend could have a lasting impact on crypto valuations over the next two years. Bitwise CIO Matt Hougan noted that crypto valuations may double within two years as more protocols adopt revenue-funded buybacks and burns.