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Crypto projects plough $640 million into token buybacks, but will it translate into real value

Crypto projects have spent about $640 million on buybacks of their own tokens this year, seeking to link protocol revenue more directly to token value. The pace is up about 17 percent from the same period last year, with most activity concentrated in Hyperliquid and Pump.fun. But buybacks do not guarantee price gains and can divert funds from hiring, product development and expansion. Tokens also differ legally from shares, raising questions about lasting value if buybacks stop.