Hyperliquid and Pump.fun Dominate $638M Crypto Buyback Market

Token buybacks have become a defining strategy for some cryptocurrency projects. According to data from Allium Labs, $638 million has been spent on repurchasing tokens so far in 2026, nearly 90% of that total concentrated in two platforms: Hyperliquid and Pump.fun.

Hyperliquid accounted for roughly $370 million, while Pump.fun accounted for nearly $200 million. This level of buyback activity is still rare across the wider industry but suggests it's moving from novelty toward a measurable category of capital deployment.

The Financial Times report notes that token buybacks follow a logic similar to share buybacks in traditional markets: projects use capital to repurchase their own assets, which can reduce circulating supply and send a signal about long-term value.