The SOON Foundation has launched a $200K Token Redemption Program, offering guaranteed buybacks at $0.14 per token — an initiative aimed at restoring investor confidence after the early July market manipulation incident.
Summary
- The SOON Foundation launched a $200,000 Token Redemption Program offering guaranteed buybacks at $0.14 per token.
- The program is funded by protocol-generated revenue and will expand as more revenue flows in.
- The initiative follows a 41% price crash on July 5, caused by coordinated selling and shorting across major exchanges.
The SOON Foundation has officially launched its SOON Token Redemption Program, introducing a $200,000 liquidity pool to guarantee buybacks at a fixed price of $0.14 per token.
Accessible via redemption.soo.network, the buyback portal offers guaranteed liquidity for holders looking to exit at a predictable rate. According to SOON’s official statement, the redemption pool is fully funded by protocol-generated revenue, and will grow over time as more revenue flows in from SOON-powered products.
“The Redemption Program acts as a stabilizing buffer during periods of market volatility,” the SOON Foundation explained on X. “This measure was designed to protect the integrity of the token and reinforce long-term confidence in the ecosystem.”
What triggered the buyback
The initiative stems from a devastating 41% drop in SOON’s price on July 5, when a wave of coordinated selling sent the token plummeting from $0.22 to $0.13 within hours.
On-chain analysis revealed that 22 million SOON tokens were withdrawn from Bitget and dumped across multiple trading platforms, including Bithumb, Upbit, and Gate.io. At the same time, large short positions were opened on major derivatives platforms, suggesting an orchestrated manipulation intended to profit from the crash.
The SOON Foundation denied involvement from team or affiliated market makers, later disclosing wallet addresses to support the claim. The Foundation believes the incident was a deliberate and coordinated attack by a professional trading institution with market-making experience, designed to exploit liquidity gaps between deep perpetual markets and thinner spot liquidity, particularly on Korean exchanges.
Furthermore, the Foundation emphasized that the crash occurred amid critical growth efforts, including new CEX listings, improved spot liquidity, and the upcoming launch of key products like Simpfor.fun V3, making any market disruption counter to the project’s interests.
On July 17, the SOON community released a proposal titled “Token Burn and Buyback Plan Addressing Previous Potential Market Manipulation,” which received unanimous support. The plan outlined the immediate burn of 7.7 million unclaimed airdrop tokens and the buyback and destruction of an additional 22.3 million tokens—together totaling 30 million, or roughly 3% of the total supply—as a direct response to the July 5 incident.
Today’s launch of the SOON Token Redemption Program appears to be the initial implementation of the buyback mechanism outlined in that proposal.
SOON price jumped 5% on the announcement, currently trading at $0.15 and testing resistance at the 20-day EMA.
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