Crypto projects are spending more of their revenue on token buybacks, and two protocols are dominating the trend.

Hyperliquid and Pump.fun have reportedly accounted for nearly 90% of the record $638 million spent on crypto token buybacks so far in 2026, according to Allium Labs data cited by the Financial Times.

The figure marks a sharp increase from previous years and highlights a growing shift toward using protocol revenue to support token value.

Crypto Token Buybacks Hit Record $638M

Crypto projects have repurchased approximately $638 million worth of their own tokens year-to-date in 2026.

That compares with $545 million during the same period in 2025 and just $366,000 in 2024, according to Allium Labs data.

Source: Crypto groups spend…