Crypto Projects Spend Record $638 Million on Token Buybacks — Only Two Are Winning

Allium Labs data shows that crypto projects have repurchased $638 million worth of tokens so far in 2024, a new record compared with $545 million in the same period last year and $366 000 for the entire 2023.

Buyback Leaders

Hyperliquid (HYPE) routes 99 % of its protocol and trading fees into token repurchases, retiring $1.3 billion of HYPE since December 2024. The token has risen 217.9 % year‑to‑date, reaching $86.71 on August 27.

Pump.fun (PUMP) allocates half of every dollar earned to open‑market buybacks and permanent burns. It has spent $442.94 million, burning 163.03 billion tokens (16.3 % of supply). PUMP is up 124.5 % since January.

Other Projects with Repurchase Programs

• Sky Protocol (SKY) – bought roughly $26 million of its token.
• Lido (LDO) – runs the NEST program, using protocol revenue to purchase LDO when thresholds are met.
• Chainlink (LINK) – conducted token buybacks during the year.
• Jupiter (JUP) – spent nearly $14 million on buybacks.

Price Performance Overview

While HYPE and PUMP posted strong gains, the other tokens delivered weaker results:

• SKY – +20.1 % YTD
• JUP – +9.3 % YTD
• LINK – –7.6 % YTD
• LDO – –39 % YTD

Market dynamics in August, including a broader crypto rally, make it difficult to isolate the effect of buybacks on price movements.