Projects use buyback events to reduce potential selling pressure
Hyperliquid (HYPE), Pump.fun (PUMP) and GMX (GMX) are the three most active players in the sphere of token buybacks. Almost 50% of all buyback volume registered in 2025 came from the Hyperliquid DEX team, the newest CoinGecko report says.
The aggregated volume of crypto buybacks — coordinated purchases of tokens on the open market by their issuer — exceeded $1.4 billion in equivalent from Jan. 1 to Oct. 15, 2025. A total of $644 million of this unbelievable amount was bought by the Hyperliquid (HYPE) team, CoinGecko’s latest report says.
Hyperliquid (HYPE), one of the most popular perpetual DEXes of 2025, is the biggest player here, with almost 50% of total buyback volume.
The leader is followed by LayerZero (ZRO), a cross-blockchain communication protocol. After holding one of the most anticipated airdrops ever, LayerZero (ZRO) initiated over $150 million in buybacks.
Pump.fun (PUMP), Solana’s dominant meme coin no-code launcher, bought back 3% of the total PUMP supply, having spent $138 million in 2025.
GMX, another decentralized exchange for perps, despite being only the 11th largest buyback project by volume, repurchased 13% of the GMX circulating supply. A significant portion of these tokens was redistributed among the community, data says.
Raydium (RAY) and Jupiter (JUP), two dominant Solana DEXes, are also among active buyback initiator, with more than $160 million spent for this activity in total.
As covered by U.Today previously, the buybacks — both by teams and founders personally — are powerful price catalysts since they demonstrate confidence in the token’s value.
On Oct. 18, ENA, a native cryptocurrency of the Ethereum-based stablecoin protocol, outperformed all of the top 100 altcoins.
Ethena’s founder, Guy Young, purchased $25 million worth of ENA on the open market, which was noticed by analysts.
Also, buybacks naturally reduce the circulating supply, which makes the asset verifiably scarcer and, therefore, more valuable.
