Crypto Projects Spent ~$640M on Token Buybacks This Year

The concentration of buyback activity in just two projects signals that this is less a broad market trend and more a strategy specific to high-revenue platforms. It suggests that buybacks are viable primarily where protocol fees generate substantial cash flow, rather than a tool available to most projects. The key question is whether this concentrated support can sustain token prices if revenue streams fluctuate, and whether it sets a precedent that pressures other projects to follow suit despite weaker fundamentals.