SOON Foundation Launches $200,000 Buyback Program to Restore Token Value After July Crash

SOON Foundation Introduces Redemption Program to Support Token Price

The SOON Foundation has taken decisive action to stabilize the SOON token and rebuild trust within its community following a sharp downturn earlier this month. With the announcement of a $200,000 Token Redemption Program, SOON holders now have access to guaranteed buybacks at a fixed rate of $0.14 per token—a strategic move aimed at offsetting recent market manipulation and restoring investor confidence in the crypto asset.

The dedicated buyback portal, found at redemption.soo.network, provides predictable and reliable liquidity for SOON token holders seeking to redeem their holdings. According to official statements from the SOON team, the redemption pool is entirely funded by revenue generated from SOON-powered products and services. As the protocol continues to grow and bring in more revenue, the size of the redemption pool will also expand accordingly, further strengthening overall token liquidity.

Background: What Led to the Buyback Program?

This buyback initiative comes in the wake of a steep 41% decline in SOON prices on July 5, when a wave of coordinated selling caused the token to tumble from $0.22 to $0.13 within mere hours. Blockchain data analysis revealed that approximately 22 million SOON tokens were withdrawn from Bitget and quickly distributed across major crypto exchanges such as Bithumb, Upbit, and Gate.io. Simultaneously, a surge in large short positions on major crypto derivatives exchanges indicated a possible effort to manipulate the token price.

The SOON Foundation has firmly denied any involvement from its internal team or partner market makers, even publishing wallet data to ensure full transparency. Their investigation pointed to a professional trading institution with expertise in market-making and an aim to exploit liquidity mismatches between deep perpetual markets and thinner spot liquidity—particularly targeting Korean exchanges. The timing of the attack, the Foundation noted, was especially disruptive, as it coincided with pivotal ecosystem developments, such as upcoming CEX listings, enhanced spot liquidity, and the anticipated launch of Simpfor.fun V3.

Community Response and Future Initiatives

To address the aftermath of the crash, the SOON community put forward a comprehensive recovery proposal titled “Token Burn and Buyback Plan Addressing Previous Potential Market Manipulation” on July 17. The proposal, which received unanimous support, called for the immediate burning of 7.7 million unclaimed airdrop tokens, alongside the buyback and destruction of another 22.3 million tokens. In total, this would eliminate around 30 million SOON tokens—about 3% of the total supply—from circulation, directly responding to the manipulation incident and helping protect the token’s value.

The launch of the $200,000 SOON Token Redemption Program marks the start of this buyback mechanism, providing an essential buffer for investors and supporting the long-term stability of the SOON ecosystem. Following the announcement, SOON’s market price reacted positively, leaping 5% to reach $0.15 and testing the critical 20-day exponential moving average.

 

For cryptocurrency investors and blockchain enthusiasts, the SOON Foundation’s proactive measures reflect a broader commitment to transparency, price stability, and sustainable growth within the volatile crypto market.