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SOON Proposes Token Burn and Buyback Plan Amid Market Manipulation Concerns

Following market manipulation concerns, SOON’s proposal includes destroying 30 million tokens and allows holders to vote on the plan within 46 hours.

Summary

SOON has proposed a token burn and buyback plan in response to potential market manipulation, aiming to destroy 30 million tokens, or 3% of the total supply. The plan includes 7.7 million tokens from unclaimed airdrops and 22.3 million through buybacks, with voting open to SOON holders for 46 hours.

Terms & Concepts
  • Token Burn: A process where a certain number of tokens are permanently removed from circulation to reduce supply.
  • Buyback: A strategy where a company repurchases its own tokens from the market to increase value and reduce supply.
  • Airdrop: The distribution of cryptocurrency tokens or coins for free to numerous wallet addresses, often used to engage users.