SOON Foundation Announces Comprehensive Recovery Plan In Response To SOON Price Manipulation Incident
In Brief
The SOON Foundation has launched a recovery plan to burn 30 million tokens and introduce governance measures following a coordinated market manipulation that caused a 41% price drop.
Non-profit organization focused on the decentralization, adoption, and security of the SOON network, SOON Foundation unveiled a detailed recovery plan in response to a recent price manipulation event. The plan outlines immediate measures aimed at restoring market confidence, easing supply pressure, and reaffirming dedication to the long-term development of the SOON ecosystem.
As part of this effort, a total of 30 million SOON tokens, representing 3% of the total supply, will be permanently removed from circulation. Approximately 7.7 million SOON tokens from the unclaimed airdrop allocation, currently held in a designated wallet, will be burned within the coming days. The remaining 22.3 million tokens will be repurchased from centralized exchanges and subsequently burned.
This action intends to directly reduce the available token supply and contribute to price stability amid recent market fluctuations. To ensure transparency and maintain open communication, a Twitter AMA session will be hosted next Wednesday featuring the foundation’s founder Joanna and Head of Marketing Henry, who will explain the recovery plan in detail and address community questions.
Simultaneously, development is underway for a new on-chain product that will allow the foundation to periodically repurchase tokens directly from holders, further supporting supply reduction and market stability over time.
In alignment with its commitment to decentralization and empowering the community, the foundation is preparing to launch the SOON Governance System. This system will enable token holders to participate in major decisions affecting the ecosystem’s future, including treasury management, protocol upgrades, and distribution of ecosystem grants.
These initiatives represent the initial steps in the foundation’s ongoing efforts to protect the community, enhance market integrity, and build a resilient future for the SOON network.
SOON Token Faces 41% Price Drop Amid Coordinated Market Manipulation
SOON is recognized as the first genuine SVM rollup on Ethereum, employing a distinct SVM architecture that separates the execution layer from the settlement layer. This novel design incorporates Merklization, developed in collaboration with Anza, a prominent Solana-focused software development company, setting SOON apart from other projects that rely on the Forked SVM approach. SOON is the core token of the SOON ecosystem, undertaking multiple functions such as governance, incentives, and transactions.
Earlier this week, the SOON token experienced a significant price decline of 41%. Approximately 22 million tokens withdrawn from Bitget were sold across multiple exchanges, while short positions were simultaneously opened on platforms including Binance, Bybit, and OKX. This coordinated activity contributed to the token’s price dropping from $0.22 to $0.13. An incident analysis report concluded that the price movement resulted from orchestrated market manipulation; however, official market makers and foundation wallets were confirmed to have had no involvement in the event.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
