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SOON Community Proposes Token Burn and Buyback Plan in Response to Potential Market Manipulation, with 100% Support Rate
Summary: In a recent announcement, the SOON community has put forth a proposal for a token burn and buyback plan in response to potential market manipulation, with current support rate at 100%. The proposal stems from the organized market manipulation attack on July 5th, where the price of SOON token plummeted from $0.22 to $0.13, a ...
In a recent announcement, the SOON community has put forth a proposal for a token burn and buyback plan in response to potential market manipulation, with current support rate at 100%. The proposal stems from the organized market manipulation attack on July 5th, where the price of SOON token plummeted from $0.22 to $0.13, a 41% drop. Attackers withdrew 22 million tokens from exchanges and manipulated the derivatives market.
As a response, the SOON Foundation has suggested burning 30 million tokens (3% of total supply): 7.7 million tokens will be immediately burned from unclaimed airdrops, while the remaining 22.3 million tokens will be burned through buyback. This move aims to reduce circulating supply, restore market confidence, and combat manipulation activities.
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Link: SOON Community Proposes Token Burn and Buyback Plan in Response to Potential Market Manipulation, with 100% Support Rate [Copy]
