Hyperliquid has emerged as the leader in the 2025 token buyback trend, spending approximately $645 million on repurchasing 21.36 million HYPE tokens, which represents 2.1% of its total supply. This accounts for 46% of the total buyback expenditure this year, as reported by Coingecko. In total, 28 projects have collectively spent over $1.4 billion on buybacks. Other notable buybacks include LayerZero's $150 million repurchase of ZRO tokens, representing 5% of its supply, and Pump.fun's $138 million buyback of PUMP tokens, equating to 3% of its supply. Raydium also contributed with a $100 million buyback and burn initiative. GMX recorded the highest buyback per share, with 12.9% of its total supply repurchased. The trend of increased buyback spending has been particularly pronounced in the latter half of the year.