The market made its move. In less than eight hours, Polymarket odds for $SOL hitting $210 this month surged from 67% to 94% (Solana eventually broke this mark, hitting $213 before dropping down lately).
Traders pushed expectations higher almost instantly. Alongside this, there is a 21% chance that $SOL could even reach $250 before month-end.
The price optimism comes as fresh data highlights Solana’s growing dominance in one corner of the market: token buybacks. Solana-based protocols now account for 40% of all weekly token buybacks across crypto. Just in June, that share stood at only 10.8%. The shift has been fast, dramatic, and supported by hard numbers.
https://twitter.com/thesolanapost/status/1959131588131742194?t=uGzqf90XAZc-CD_7_LarhQ&s=19
Across the industry, weekly buybacks jumped from $14.5 million to $46.8 million in the space of two weeks, a 158% surge. No other sector within crypto has posted such growth in such a short window.
At the top of the list stands Hyperliquid. It leads with $27.1 million in weekly buybacks, giving it a 58% share of the entire market. This one protocol alone accounts for more than half of all activity in the category, a clear sign of where the capital is flowing right now.
Ethereum, by contrast, has fallen sharply. Once dominant in multiple categories, it now represents just 2.5% of all buyback activity. The center of gravity has moved elsewhere.
Solana Projects Fueling This Engine
Several Solana-based projects have contributed to this surge. Jupiter allocates between $1 million and $2.3 million every single week to buy back $JUP tokens. Raydium spends between $500,000 and $1.5 million each week on $RAY repurchases.
Step Finance has taken a different approach, directing 100% of its revenue, roughly $120,000 weekly, into buying back $STEP. Every dollar generated flows back into the token, a full-revenue commitment rarely seen among protocols.
https://twitter.com/SolanaFloor/status/1958994141141979465?t=uGzqf90XAZc-CD_7_LarhQ&s=19
LetsBonk.fun has also ramped up its activity aggressively. In July, $BONK buybacks jumped from $2.6 million to $6.6 million.
Pump.fun shows perhaps the most eye-catching growth. Weekly buybacks there exploded from just $125,000 to $13 million, now making up nearly 29% of the total across all protocols.
Over the past 90 days, more than $340 million has been spent on token buybacks across crypto. That figure captures the scale of capital flowing back into tokens directly by their own protocols.
But profitability numbers tell a more complex story. Raydium reports +19% returns following its buybacks. Pump.fun shows +11.8%. BONK sits on the opposite side with –26%, suggesting aggressive buybacks do not always translate into short-term gains.
The divergence signals that while buybacks remain popular as both a price support tool and a marketing signal, they do not guarantee performance. Some tokens rise. Others keep falling despite ongoing repurchases.
Still, Solana’s dominance in this metric now looks hard to dispute. From Hyperliquid’s $27.1 million weekly lead to Pump.fun’s 29% market share, the chain has pulled far ahead in buyback activity.
Solana And Ethereum War
Analysts point to Solana’s lower fees, higher transaction throughput, and strong retail participation as key reasons behind the shift. Protocols can move faster, allocate capital more aggressively, and use buybacks as a lever to attract both traders and liquidity.
Ethereum’s 2.5% share underlines how far dynamics have changed. Once the home for most DeFi innovation, Ethereum now watches as Solana protocols deploy capital at a much faster pace.
The odds market only adds fuel to the narrative. A 94% chance for $SOL hitting $210 this month shows traders expect the trend to continue. Even the 21% odds for $250 put a potential breakout on the table if momentum holds.
With $340 million spent in 90 days, Solana’s ecosystem now controls nearly half of all weekly buybacks across crypto. Hyperliquid. Pump.fun. LetsBonk.fun. Jupiter. Raydium. Step Finance. All push capital back into their own tokens.
Some profit. Some don’t. But the capital keeps flowing.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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