Hyperliquid (HYPE) and Pump.fun (PUMP) tokens have outperformed the broader cryptocurrency market in early 2026, rising 145% and 109% respectively while Bitcoin fell 10% and total crypto market cap declined 11.9%. Hyperliquid spent $141 million of its $169 million Q2 revenue on HYPE buybacks, representing approximately 99% of its revenue. Pump.fun, the memecoin launchpad, allocates roughly 50% of its net protocol revenue to token repurchases, with annualized revenue estimated at $420 million. According to the Financial Times, these two protocols account for nearly 90% of record crypto buybacks totaling $638 million.
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