The crypto project has spent nearly $640 million this year to buy back tokens, with Hyperliquid and pump.fun accounting for nearly 90%

According to FT, cryptocurrency projects have spent nearly $640 million repurchasing their own tokens this year. Amid a prolonged market slump, they are emulating common practices in the stock market, attempting to boost token prices.

Data from blockchain analytics firm Allium Labs shows that the repurchase amount this year is $638 million, compared to $545 million during the same period last year, with only $366,000 for the entire year of 2024. The repurchase amounts from Hyperliquid and pump.fun account for nearly 90% of the total repurchase amount.