Hyperliquid and Pump.fun Dominate Record $638M Crypto Buyback Market
Crypto projects spent a record $638 million on token buybacks in 2026, with Hyperliquid and Pump.fun accounting for nearly 90% of this amount. According to Allium Labs data cited by the Financial Times, Hyperliquid accounted for roughly $370 million, while Pump.fun was responsible for nearly $200 million.
This is a significant increase from previous years, with crypto project spending on token buybacks rising from $545 million in 2025 and $366,000 in 2024. Token buybacks are similar to share buybacks by publicly listed companies, which aim to support their share prices and increase returns for existing shareholders.
The Hyperliquid (HYPE) and Pump.fun (PUMP) tokens have outperformed the broader cryptocurrency market decline so far in 2026, with HYPE rising 145% and PUMP increasing by 109%. In contrast, Bitcoin's price fell 10%, and the total crypto market capitalization declined by 11.9% during the same period.