Crypto Projects Buy Back Nearly $640 Million in Tokens This Year, Hyperliquid and pump.fun Account for 90%

Since the beginning of this year, crypto projects have repurchased nearly $640 million of their own tokens to cope with market sluggishness and support token prices. Data from Allium Labs shows that the total buyback amount has reached $638 million, an increase from $545 million in the same period last year, while the total buyback amount for the entire year of 2024 is only $366,000. The buyback activities are highly concentrated among a few projects, with Hyperliquid and pump.fun accounting for nearly 90% of this year's total buyback amount. When project teams buy back tokens, it usually indicates a desire to alleviate selling pressure by reducing market circulation and increasing buying interest, thereby boosting prices in a weak market. The scale of buybacks this year has significantly expanded compared to the same period last year, reflecting that more crypto projects are adopting token buybacks as a strategy to respond to market downturns.

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