Crypto Projects Buy Back $638M in Tokens in 2026

• Buybacks by HYPE and PUMP nearly doubled compared to 2025
• Experts question if buybacks sustain long-term token value

On September 4, 2026, the Financial Times reported that crypto projects spent a record $638 million on token buybacks through August, nearly doubling 2025’s total and far surpassing previous years, according to Allium Labs.

The bulk of these buybacks came from Hyperliquid (HYPE) and Pump.fun (PUMP), together accounting for almost 90% of all activity. HYPE’s token price rose 218% year-to-date, while Pump.fun burned 16.3% of its tokens to reduce supply.

Token buybacks are used by projects to purchase their own tokens, aiming to boost scarcity and strengthen short-term prices by linking protocol revenue to token value. Analytics Insight and CryptoRank.io found strong returns for HYPE and PUMP, but results varied. Lido DAO (LDO) and Chainlink (LINK) also initiated buybacks yet saw price declines or only modest gains.

Industry experts argue that buyback effectiveness depends on continued project revenue, managed token emissions, and strong fundamentals. Developers and investors question whether buybacks generate lasting value. Jupiter Exchange directed $70 million to buybacks but saw limited price movement, leading to reconsideration of whether to invest more in development and user incentives instead.

Buybacks have become a cornerstone of tokenomics for major projects, but 2026 data shows they don’t guarantee long-term value or price appreciation. Their true effect rests on solid protocol economics, steady demand, and balanced investment in buybacks, ongoing development, and user growth, as supported by Financial Times, Analytics Insight, CryptoRank.io, and Coinpedia.