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Points of Focus
- Crypto projects spent $638 million on buybacks through Aug. 25, up 17% year-on-year.
- Hyperliquid and Pump.fun drove nearly 90% of total spending.
- HYPE gained about 70% in a year, while other buybacks produced mixed price results.
Crypto projects have spent a record $638 million buying back their own tokens in 2026, with Hyperliquid and Pump.fun accounting for nearly $9 in every $10. The concentration means the record is being driven largely by two revenue-funded models that convert protocol activity into recurring token purchases.
Hyperliquid and Pump.fun dominate token buybacks
Allium Labs data showed buybacks reached $638 million through Aug. 25, up 17% from $545 million over the comparable 2025 period. Crypto projects spent just $366,000 on tracked repurchases in all of 2024.
Crypto Projects Buy Back $638 Million in Native Tokens This Year; Hyperliquid and Pumpfun Account for Nearly 90%
According to the Financial Times, digital asset projects have bought back approximately $638 million worth of their own tokens so far this year, up from $545 million… pic.twitter.com/jTWVduwheh
— Wu Blockchain (@WuBlockchain) August 31, 2026
Hyperliquid and Pump.fun generated nearly 90% of the 2026 total. Hyperliquid routes 99% of trading-fee revenue toward buying HYPE. Its documentation says HYPE held by the Assistance Fund is burned, removing the tokens from circulation and the total supply.
The mechanism ties trading activity to recurring HYPE purchases. Hyperliquid has repurchased and burned roughly $1.3 billion of HYPE since the token launched in December 2024, a cumulative figure covering a longer period than Allium’s 2026 data set. HYPE has gained about 70% over the past year.
Pump.fun uses a different formula. Its dashboard targets 50% of designated revenue for PUMP purchases and burns. As of Aug. 28, cumulative spending had reached $442.57 million, removing 162.95 billion PUMP, or about 16.3% of the token’s original 1 trillion supply.
Token buybacks show mixed price results
Jupiter spent nearly $14 million buying JUP in 2026, according to Allium data, yet the token remained about 55% lower over one year. Chainlink has also used an onchain reserve to acquire LINK, while the token has roughly halved over the same period.
Elton Shehdula, head of research at Allium Labs, told the Financial Times that buybacks can reduce supply and signal confidence but questioned whether the mechanism alone can lift token prices.
Sky Protocol provides a different result. It spent about $26 million buying back SKY in 2026, while the token gained roughly 8% over 12 months. The comparison shows that repurchases can create recurring demand, but price performance still depends on factors beyond the amount a project spends buying its token.
Allium’s $638-million tally runs through Aug. 25, with Hyperliquid and Pump.fun responsible for nearly 90% of tracked spending.
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