The SOON Foundation has introduced a new $200,000 Token Redemption Program aimed at rebuilding investor confidence following a significant market manipulation incident earlier in July. The initiative offers guaranteed buybacks of the SOON token at a fixed price of $0.14 per token, providing liquidity for holders looking to exit at a predictable rate.<\/p>\n\n\n\n
The Token Redemption Program is now live on the redemption portal (redemption.soo.network) and is fully funded by protocol-generated revenue, with plans to expand as more revenue flows in from SOON-powered products. According to the SOON Foundation, the program will serve as a “stabilizing buffer” during periods of market volatility, helping to protect the integrity of the token and restore long-term confidence in the ecosystem.<\/p>\n\n\n\n
The launch of the redemption program follows a painful 41% price drop on July 5, when a wave of coordinated selling caused the SOON token to crash from $0.22 to $0.13 in just a few hours. On-chain analysis revealed that 22 million SOON tokens were withdrawn from Bitget and sold across major exchanges, including Bithumb, Upbit, and Gate.io. At the same time, large short positions were opened on derivatives platforms, suggesting a coordinated effort to profit from the crash.<\/p>\n\n\n\n
The SOON Foundation denied any involvement from its team or affiliated market makers, even releasing wallet addresses to support the claim. They believe the incident was an orchestrated attack by a professional trading institution aiming to exploit liquidity gaps between deeper perpetual markets and thinner spot liquidity, particularly on Korean exchanges.<\/p>\n\n\n\n
The price manipulation came at a critical time for SOON, as the project was working on key growth initiatives, including new exchange listings and product launches like Simpfor.fun V3. The Foundation emphasized that such a market disruption was counter to the project\u2019s interests.<\/p>\n\n\n\n
In response to the manipulation, the SOON community proposed a plan called the “Token Burn and Buyback Plan,” which was unanimously supported. The plan outlined burning 7.7 million unclaimed airdrop tokens and buying back and destroying another 22.3 million tokens around 3% of the total supply\u2014as a direct response to the incident.<\/p>\n\n\n\n
The Token Redemption Program announced today is the first step in implementing this buyback mechanism. The program\u2019s launch was met with a positive market reaction, as SOON\u2019s price jumped 5%, currently trading at $0.15 and testing resistance at the 20-day Exponential Moving Average (EMA).<\/p>\n\n\n\n
With the Token Redemption Program now in place, the SOON Foundation is working to restore the token\u2019s value and continue its long-term growth. As more revenue flows into the program, the buyback pool will grow, providing even more stability for the token.<\/p>\n\n\n\n
In conclusion, while the July 5 incident was a setback, the launch of the redemption program signals the SOON Foundation\u2019s commitment to restoring trust and protecting investors from future market volatility.<\/p>\n\n\n\n
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The SOON Foundation has introduced a new $200,000 Token Redemption Program aimed at rebuilding investor confidence following a significant market manipulation incident earlier in July. The initiative offers guaranteed buybacks of the SOON token at a fixed price of $0.14 per token, providing liquidity for holders looking to exit at a predictable rate. A Step…<\/p>\n","protected":false},"author":3,"featured_media":10456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,63],"tags":[241,1508,109],"class_list":["post-10455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-crypto-news","tag-foundation","tag-soon","tag-tokenization"],"yoast_head":"\n