Token buybacks hit $640M in 2026, up 17% YoY

The concentration of buyback spending in just two platforms suggests the trend is less about broad market health and more about specific business models generating enough revenue to repurchase tokens. This raises questions about whether buybacks are a sign of strength or a mechanism to prop up token prices in the absence of fundamental improvements. The criticism that buybacks don't fix underlying issues is key — watch whether other projects follow suit or if this remains a niche strategy.