Hyperliquid leads the 2025 token buyback trend, with 28 projects spending over $1.4 billion on buybacks.

Huoxun Finance reported on October 16th that according to Coingecko, Hyperliquid led the way with cumulative buyback spending of approximately $645 million, accounting for 46% of the total buybacks in 2025, and repurchased approximately 21.36 million HYPE tokens (approximately 2.1% of the total supply). LayerZero announced a one-time buyback of $150 million in ZRO (5% of the total supply), while Pump.fun repurchased approximately $138 million in PUMP (3% of the total supply). Raydium repurchased and burned approximately $100 million. Throughout the year, 28 projects implemented buybacks, totaling over $1.4 billion. GMX had the highest buyback per share, with a cumulative buyback accounting for 12.9% of the total supply. Buyback spending has increased significantly since the second half of the year.