In a bold move, Tron founder Justin Sun announced that the SunPump meme token will adopt a “100% on-chain buyback and burn” mechanism, marking a significant shift in the token’s strategy.
Moving away from traditional LP token burns, SunPump will now focus entirely on its on-chain buyback and burn process, starting immediately.
🚨 BREAKING: JUSTIN SUN LAUNCHES 100% ONCHAIN BUYBACK FOR SUNPUMP
Justin Sun, founder of Tron, replaces the initial LP token burn with a full onchain buyback and burn process for SunPump, ensuring transparency and simplicity.$SUN pic.twitter.com/BOIQvzcuKr
— JAKE (@JakeGagain) September 3, 2024
This new approach is designed to enhance transparency, as all burns will be recorded directly on the blockchain, making them easy to verify and track. Sun’s decision to flip the script for SunPump emphasizes the importance of on-chain transparency, setting a new standard for how buyback and burn mechanisms can operate in the DeFi space.
Meanwhile, SunPump has been making waves in the market, outperforming its Solana-based rival, Pump•fun. Over the past 24 hours, SunPump launched 7,351 new tokens and generated an impressive $585,000 in revenue. In comparison, Pump•fun lagged behind, issuing 6,701 tokens and pulling in $366,000.
Pump.Fun Fee Account Sold 10,300 SOL, Valued At $1.38 Million
Adding to the competitive atmosphere, the Pump•fun Fee Account recently sold 10,300 SOL, valued at $1.38 million, at a price of $134.46 each. This sale is part of a larger trend for Pump•fun, which has offloaded a total of 264,373 SOL, amounting to $41.64 million, at an average price of $157.5.
The https://t.co/DrKlYnPPqY Fee Account sold 10,300 $SOL($1.38M) at $134.46 again 40 mins ago!https://t.co/DrKlYnPPqY has sold 264,373 $SOL($41.64M) at an average price of $157.5.https://t.co/dZDKPfB4vU pic.twitter.com/mRLYK100zl
— Lookonchain (@lookonchain) September 3, 2024
As SunPump continues to gain traction with its innovative on-chain strategy, it’s clear that Justin Sun’s vision is positioning the token as a formidable contender in the meme token arena. With its commitment to transparency and a strong market performance, SunPump is setting itself apart from competitors like Pump•fun, signaling a promising future for the token in the ever-evolving world of crypto.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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