Crypto token buybacks have hit a record this year, with $638 million already spent repurchasing tokens in the open market. But nearly 90% of that total comes from just two projects: Hyperliquid and Pump.fun. Hyperliquid leads with about $370 million in HYPE buybacks so far in 2026, while Pump.fun, known for its Solana-based memecoin launches, has bought back around $200 million worth of tokens.
Concentration, not a broad sector shift, is the signal. What looks like a wave in token buybacks is still overwhelmingly the work of Hyperliquid and Pump.fun. If other projects adopt the same approach, buybacks could start to look more like an equity-style capital return playbook. For now, though, this remains a two-name story.