Do token buybacks actually work?This year’s leaderboard shows Hyperliquid and pump.fun fa r ahead of the competition, with $403.9M and $181.9M in buybacks respectively.
Looking at the YTD charts, the results are mixed—roughly 50/50 across the listed tokens. Still, when buyback volume represents a meaningful share of market cap, it appears to provide at least some price support.
Buybacks aren’t magic, but their relative size definitely matters.
