Crypto projects have spent nearly $640 million buying back their own tokens since the start of the year, as teams turn to a stock market-style strategy to support prices during a prolonged market downturn. Data from Allium Labs showed year-to-date buybacks reached $638 million, up from $545 million in the same period last year and far above the $366,000 recorded for all of 2024. Hyperliquid and pump.fun accounted for nearly 90% of total buybacks, underscoring how concentrated the activity has been among a small number of projects. The figures were reported by the FT.