Crypto projects spent $638 million on token buybacks in 2026, a record high.

According to ChainCatcher, data from blockchain analytics firm Allium Labs, as reported by the Financial Times, shows that crypto projects have spent nearly $640 million repurchasing their own tokens this year—$638 million—up from $545 million during the same period last year and far exceeding the $366,000 spent throughout all of 2024. Perpetual futures exchange Hyperliquid and meme coin launchpad pump.fun together account for nearly 90% of total buybacks. Elton Shehdula, Research Lead at Allium Labs, noted that projects conduct buybacks for “reputational incentives,” demonstrating confidence in their tokens; reducing supply after buybacks serves as another lever to support token prices. Hyperliquid allocates 99% of its trading fee revenue to repurchasing and burning HYPE tokens, having already bought back and burned $1.3 billion worth since its December 2024 launch; HYPE has risen 70% over the past year. The decentralized finance platform Sky Protocol repurchased $26 million in tokens. Co-founder Rune Christensen stated that the protocol generated over $400 million in revenue over the past year, and repurchasing SKY tokens ensures alignment between token holders and the protocol’s long-term success.