The crypto project has repurchased its own token worth nearly $640 million this year, with Hyperliquid and pump.fun accounting for 90% of the total.

BlockBeats News, August 31st. According to the Financial Times, since the beginning of this year, cryptocurrency projects have collectively spent nearly $640 million to repurchase their own tokens to address the continued market downturn and support token prices.

Data from Allium Labs shows that the cumulative repurchase amount this year has reached $638 million, a further increase from the $545 million in the same period last year, while the total repurchase amount for the entire year of 2024 was only $366,000.

Looking at the distribution of projects, the repurchase activities are highly concentrated in a few projects, with the two major projects, Hyperliquid and pump.fun, accounting for nearly 90% of this year's total cryptocurrency project repurchase amount, becoming the primary drivers of the overall repurchase scale increase.

Project token repurchases usually indicate that they hope to alleviate selling pressure on the token and boost the price in weak market conditions by reducing market circulation and increasing buying pressure. At the same time, this year's repurchase scale has significantly expanded compared to the same period last year, reflecting that more cryptocurrency projects are starting to use token repurchases as a strategy to cope with the market downturn.