Token Buyback Spend Hits Record $638 Million This Year

The total amount spent on token buybacks by cryptocurrency projects has reached a record $638 million this year, according to data from Allium Labs.

A significant portion of these funds, approximately 90%, have been allocated to just two major tokens: Hyperliquid's HYPE and Pump.fun's PUMP.

Hyperliquid, a decentralized exchange for perpetual futures, has played a leading role in token buybacks. The platform allocates 99% of its protocol and trading fee revenue towards buying back the HYPE token. As a result, over $1.3 billion worth of tokens have been redeemed since December 2024.

The HYPE token's price recently hit an all-time high after another buyback wave began.