Ok, $1m trade volume is generous, but a good round number...so $100k in buy back everyday on top of the normal amount, so like you said, a 20% increase in demand.  A 20% increase in demand would result in a higher magnitude change in the actual price of the token, not just a 20%.  This would result in some serious upward momentum based on economic theory assuming a normal elasticity...ICN's supply is inelastic since quantity is fixed (BUT quantity decreases as buybacks occur).  There is multiple factors occurring where these buybacks could get out of hand quickly.

Here is a perfectly inelastic supply line.  Note Do moving to D1 and how Po goes to P1:
https://econmicro.files.wordpress.com/2012/10/perfectly-inelastic-supply-in-market-period1.jpg

And here is a "normal" supply (fiat currency):
https://www.ezyeducation.co.uk/images/Lexicon_Images/supply_cuve_shifts.png

NOW decrease the supply and your price change is even greater...

SO, looking at the first graph, move S to the left (call is S').  You'll now be let with a new P- price (call it P2),which will be even higher than P1 since the equilibrium will be where D1 and S' theoretically cross.  There are 3 factors causing the magnitude of change to be more than 20%  (increase in demand, decrease in supply, and the fact supply is inelastic).

I'm not really offering a solution, just noting the problem.