Hyperliquid, Pump.fun Dominate Record $638M Crypto Token Buybacks
Crypto projects are increasingly adopting a strategy from traditional finance: buying back their own tokens. According to data compiled by Allium Labs, token buybacks reached a record $638 million in 2026, up from $545 million over the same period last year.
The majority of this activity is concentrated among two protocols: Hyperliquid and Pump.fun. Together, they account for roughly $570 million of the total, with Hyperliquid responsible for approximately $370 million and Pump.fun nearly $200 million.
Hypenliquid's buyback intensity is particularly aggressive, spending about 99% of its revenue on token repurchases. This approach has led to HYPE outperforming the broader crypto market decline so far in 2026, with a year-to-date return of 145% according to TradingView data.
Pump.fun's approach is similar but less extreme, allocating about 50% of its net protocol revenue for token repurchases. The launchpad has $420 million in annualized revenue and has been tied to PUMP's strong performance this year, with the token up 109% year-to-date.