A buyback total does not, by itself, show whether a token’s circulating supply is shrinking. In a report published on November 12, 2026, at 20:06 UTC+8, Odaily cited crypto analyst Ignas’s argument that token inflation and changes in circulating supply also matter when assessing buybacks.
The year-to-date figures cited in the report illustrate the distinction:
| Token | Buybacks | Supply change |
|---|---|---|
| PUMP | $407 million | Circulating supply rose 29.5% |
| AAVE | $11.2 million | Net new supply valued at $31.7 million |
| JUP | $9.9 million | Net new supply valued at $32.9 million |
| HYPE | $791 million | Circulating supply rose 0.43% |
These measures should not be treated as interchangeable: the report gives percentage changes in circulating supply for PUMP and HYPE, but dollar values of net new supply for AAVE and JUP. The figures do not, on their own, establish how much value accrued to token holders.
Ignas also cited MORPHO as an example of dilution’s effect on price performance. According to the report, MORPHO was up 81% year to date; without dilution from token inflation, Ignas estimated its gain could have reached approximately 2.3 times. That is an attributed counterfactual, not an observed return.