Hyperliquid and Pump.fun Dominate Record-Breaking $638M Crypto Buybacks

Crypto projects have seen a record-breaking $638 million spent on token buybacks in 2026, with Hyperliquid and Pump.fun dominating this trend. According to Allium Labs data cited by the Financial Times, these two protocols account for nearly 90% of the total.

Hyperliquid has emerged as the largest buyer of its own token, directing around 99% of its revenue toward HYPE buybacks. This strategy has coincided with strong HYPE performance, which has gained roughly 145% year-to-date and significantly outperformed Bitcoin and the broader crypto market in 2026.

Pump.fun is another major contributor to the buyback boom, allocating approximately 50% of its net protocol revenue toward token repurchases. The protocol currently generates around $420 million in annualized revenue, and PUMP has gained roughly 109% year-to-date despite Bitcoin falling about 10% and the total cryptocurrency market capitalization declining nearly 12% over the same period.

Bitwise Chief Investment Officer Matt Hougan argued earlier this month that crypto valuations could potentially double over the next two years if protocols increasingly use revenue for token buybacks and burns. However, buybacks alone do not guarantee higher prices; sustainable demand, protocol revenue, and continued user growth remain critical.