Crypto Projects Spend Record $638 Million on Token Buybacks - Only Two Are Winning
Crypto projects have spent a record $638 million buying back their own tokens this year, and nearly 90% of it came from just two of them.
Hyperliquid (HYPE) and Pump.fun (PUMP) have both more than doubled since January. The four other projects running repurchase programs range from a 20% gain to a 39% loss.
Crypto Projects Spend $638 Million on Token Buybacks: Did It Work?
Allium Labs data puts this year's repurchases at $638 million. That compares with $545 million during the same period last year and just $366,000 across all of 2024.
Hyperliquid, a decentralized exchange for perpetual futures, leads in buybacks. It routes 99% of of its protocol and trading fees into repurchasing HYPE.
It has retired $1.3 billion of the token since December 2024. The token set another all-time high last week as a fresh buyback engine went live.
Pump.fun uses half of every dollar it earns to buy back PUMP on the open market and permanently burn the tokens. The project has deployed $442.94 million that way, burning 163.03 billion tokens. That equals 16.3% of the total supply.
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