A token buyback does not, by itself, mean fewer tokens are circulating. In a report published on November 12, 2026, at 20:06 (UTC+8), Odaily cited crypto analyst Ignas’s view that buybacks should be assessed alongside token inflation and changes in circulating supply.
The year-to-date figures Ignas cited were:
- PUMP: $407 million in buybacks, while circulating supply grew 29.5%.
- AAVE: $11.2 million in buybacks, alongside $31.7 million in net new supply.
- JUP: $9.9 million in buybacks, alongside $32.9 million in net new supply.
- HYPE: $791 million in buybacks, while circulating supply grew 0.43%.
These figures describe different measures: buyback spending is a dollar amount, while circulating-supply growth and net new supply describe changes in token availability. Ignas also said MORPHO’s price had risen 81% year to date; without dilution from token inflation, the increase could have been approximately 2.3 times.
Original report: Odaily.