On September 4, Justin Sun, the founder of Tron, announced on X that SunPump has burned over $8 million worth of SUN tokens from its supply, with an additional $4 million set to be burned soon.
Details of SUN Token Burn
In the last 24 hours, over 28,999,138.3071 SUN tokens valued at $819K have been burned. Currently, SunSwap on-chain data indicates that over 10.97 million SUN tokens, valued at approximately $3,11613, remain to be burned. In total, more than 294 million SUN tokens have already been burned, equating to around $8.35 million. In a recent shift, the SunPump community decided to replace the previous method of burning LP (liquidity pool) tokens with a new approach—100% on-chain buyback and burn. This change, made on September 3, was driven by the community’s difficulties in understanding LP token burning, which led to some confusion.
SunPump Update
SunPump, the first Tron-based meme coin generator, recently outperformed its Solana-based rival, Pump.fun, in daily revenue by over $200,000. This is particularly notable as SunPump was launched on August 9. As per the current update, SunPump’s smart contract will continuously use 0.05% of each transaction’s value on SunSwap V2 to purchase SUN tokens, which are then burned by depositing them into a designated address every four weeks. This address is linked to the TRON blackhole, ensuring the tokens are permanently removed from circulation. Justin Sun also mentioned on X that the revenue buyback and burn process is expected to be completed within a few days.
Current Market Situation of SUN Tokens
Despite recent positive news surrounding the SunPump meme coin, the SUN token has experienced a notable decline. Over the past 24 hours, the SUN token’s price has dropped by over 14.5%, currently trading at $0.02871. The market cap of SUN stands at approximately $285 million.
Token burning plays a crucial role in managing the token supply and maintaining interest in the project. With the switch to the new buyback and burn method, SunPump hopes for a more transparent and understandable process for its participants.
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