The SOON Foundation has announced the launch of a token buyback program aimed at restoring investor confidence following a recent market manipulation episode.
Overview of the Redemption Program
The SOON Foundation has launched a $200,000 Token Redemption Program, offering guaranteed buybacks at a fixed price of $0.14 per token. The program is funded by protocol-generated revenue and will expand as more revenue flows in from SOON-powered products.
Triggers for the Buyback Initiative
The initiative was triggered by a devastating 41% drop in the price of SOON on July 5, when coordinated selling caused the token's price to plummet from $0.22 to $0.13. Analysis revealed that 22 million tokens were withdrawn and sold across multiple exchanges. The SOON Foundation denied any involvement, attributing the incident to a coordinated attack by a professional trading institution.
Community Response and Outcomes
The SOON community supported a proposal for a buyback and burn plan, which included the destruction of 7.7 million unclaimed airdrop tokens and the buyback of an additional 22.3 million tokens. The launch of the redemption program marks the first implementation of this strategy, leading to a 5% increase in the token's price.
The launch of the SOON Token Redemption Program represents an effort to restore confidence following significant market disruptions and may impact the token's price stability.
