PANews reported on October 16th that, according to Coingecko, Hyperliquid led the way with cumulative buyback spending of approximately $645 million, accounting for 46% of the total buybacks in 2025, and repurchased approximately 21.36 million HYPE tokens (approximately 2.1% of the total supply). LayerZero announced a one-time buyback of $150 million in ZRO (5% of the total supply), while Pump.fun repurchased approximately $138 million in PUMP (3% of the total supply). Raydium spent approximately $100 million on buybacks and burns. Throughout the year, 28 projects implemented buybacks, totaling over $1.4 billion. GMX had the highest buyback per share, with cumulative buybacks accounting for 12.9% of the total supply. Buyback spending has increased significantly since the second half of the year.