Crypto projects have spent $638 million on token buybacks year to date, according to Cointelegraph and data from unfolded cited by PANews. That is above the $545 million recorded during the same period last year and far higher than the $366,000 spent in 2024. Hyperliquid and Pump.fun together represented nearly 90% of the total. Token buybacks involve projects repurchasing their own tokens on the market with revenue or other funds, potentially reducing available supply or supporting demand, although the figures do not indicate how the tokens were subsequently handled.