- SUN token burn hits $8 million milestone with $4 million pending, boosting market confidence.
- SUN tokens guarantee transparency with a 100% on-chain buyback and burning course of.
- Solar opted for an easier burning methodology than LP tokens to keep away from confusion locally.
Justin Solar introduced at X that the continued SUN token burn has reached a big milestone. The full burn is now at $8 million, with a further $4 million but to be accomplished. The replace marks an ongoing effort to cut back the entire provide of SUN tokens, with the objective of strengthening the token's market place.
SUN token burns have seen constant and vital exercise over the previous few days. A complete of 279 million SUN tokens have already been burned, valued at roughly $8 million. The newest burn report reveals that roughly 3 million SUN tokens had been burned on September 4, 2024 at 08:26 SGT. Different burns on the identical day included a complete of over 3 million SUN tokens, reflecting an ongoing effort to cut back the general token provide.
Moreover, roughly 9 million SUN tokens (estimated worth roughly $269,000) are scheduled to be burned shortly. The continuing course of highlights the neighborhood’s resolution to make use of a clear and verifiable token burning methodology.
This method was chosen over the extra difficult liquidity pool (LP) token burn methodology generally utilized by different tokens comparable to Shiba Inu (SHIB). In keeping with Solar, LP token burns have the potential to extend liquidity and entice bigger buyers, however their complexity usually causes confusion amongst neighborhood members.
Moreover, Coin Version lately reported that SunPump, a meme coin platform on the Tron community, has applied a 100% on-chain buyback and burning course of for SUN tokens beginning September 3. This transfer to a completely on-chain course of is designed to extend transparency and make sure that all burn information are verifiable on the blockchain.
Solar additional defined that rising liquidity by way of LP tokens will increase market depth and may entice giant buyers often called “whales” preferring extremely liquid tokens to keep away from slippage and volatility.
Disclaimer: The data offered on this article is for informational and academic functions solely. This text doesn’t represent any form of monetary recommendation or counsel. Coin Version is just not accountable for any losses incurred on account of the usage of the content material, merchandise, or companies talked about. Readers are suggested to train warning earlier than taking any motion associated to our firm.
