Crypto Projects Record $638 Million in Token Buybacks This Year

According to Allium Labs, crypto projects have spent a record $638 million on token buybacks year-to-date, surpassing the $545 million recorded in the same period last year. Hyperliquid and pump.fun account for nearly 90% of the total volume. Projects utilize buybacks to signal confidence and reduce supply to support token prices. Hyperliquid has burned $1.3 billion worth of HYPE tokens since December 2024, while Sky Protocol has repurchased $26 million in SKY tokens to align stakeholder interests with the protocol's long-term success.