Token buybacks have emerged as one of the defining trends of 2025, with project teams across the crypto sector spending heavily to reduce supply and boost confidence. According to recent data, total buyback activity surpassed $1.4 billion this year, with nearly half of that amount attributed to a single name: Hyperliquid.

### Hyperliquid Leads the Market

The derivatives platform Hyperliquid (HYPE) easily led the market, allocating $644.6 million to repurchase 21.36 million tokens—approximately 2.1% of its total supply. Funded through its Assistance Fund, Hyperliquid’s buybacks averaged $65.5 million per month, peaking in August at $110.6 million.

### LayerZero and Pump.fun Follow

LayerZero (ZRO) took second place after a one-time $150 million buyback in September. This initiative enabled the team to purchase 5% of the token’s total supply from early investors at an average price of $3.

Pump.fun (PUMP) ranked third, spending $138.2 million to buy back roughly 3% of its circulating tokens since launching the program in July. With monthly spending averaging $40 million, part of the buyback balance has since gone underwater following October’s market correction.

### Solana’s Raydium Among the Top Four

Solana-based decentralized exchange Raydium (RAY) came in fourth, with a total of $100.4 million in buyback and burn spending. Raydium’s automated repurchase mechanism, active since 2022, continues to serve as a model for other decentralized exchanges exploring supply reduction strategies.

### Rising Use of Buybacks to Support Token Value

Beyond the top performers, several other projects also joined the 2025 buyback rush, including SKY ($78.8M), JUP ($57.9M), ENA ($40.7M), RLB ($27.9M), BONK ($27.3M), and AAVE ($23.6M).

Analysts suggest that token repurchases have become a popular tool for addressing concerns over high fully diluted valuations and thin market floats. As the total buyback figure climbs past $1.4 billion, the strategy appears to be evolving from an occasional marketing move into a standard mechanism for returning value to holders.

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### About the Author

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market.

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