Crypto Token Buybacks Surge Past $638 Million in 2026

Crypto protocols have been buying back their own tokens at an unprecedented rate in 2026. According to Allium Labs, over $638 million has been spent on buybacks so far this year, exceeding last year's total of $545 million and dwarfing the $366,000 spent across all of 2024.

The two platforms responsible for the majority of this spending are Hyperliquid and pump.fun. Together, they account for nearly 90% of total buyback volume. Hyperliquid launched in late 2024 as a decentralized perpetuals exchange and has wired buybacks directly into its revenue model from day one. The protocol routes approximately 99% of its trading fees into an Assistance Fund, which continuously buys and burns its native HYPE token on the open market.

Hyperliquid's total buybacks have exceeded $1.1 billion since launch, with some estimates putting the figure closer to $1.3 billion. For context, the entire crypto industry spent less than $400,000 on buybacks in 2024. The HYPE token has reportedly surged around 70% over the relevant period, with analysts pointing to the buyback model's consistency as a key driver of sustained demand.