- SUN token burn reaches $8M milestone with $4M pending, boosting market confidence.
- SUN tokens embrace transparency with a 100% on-chain buyback and burn process.
- Sun opts for a simpler burn method over LP tokens to avoid community confusion.
Justin Sun announced on X that the ongoing SUN token burn has hit a significant milestone. The total burn amount now totals $8 million, with an additional $4 million yet to be completed. This update demonstrates the continued effort to reduce the total supply of SUN tokens, with the goal of strengthening the token’s market position.
The SUN token burn has seen consistent and substantial activity in recent days. A total of 279 million SUN tokens have already been burned, equivalent to roughly $8 million. The latest burning records show that on September 4, 2024, at 08:26 SGT, around 3 million SUN tokens were burned. Other burns on the same day included a total of over 3 million SUN tokens, reflecting a continued commitment to reducing the overall token supply.
Moreover, approximately 9 million SUN tokens, estimated to be worth around $269,000, are slated to be burned soon. The ongoing process highlights the community’s decision to use a transparent and verifiable token burn method.
This approach has been chosen over the more complex Liquidity Pool (LP) token burning method, commonly used by other tokens like Shiba Inu (SHIB). According to Sun, while LP token burning could enhance liquidity and attract larger investors, its complexity often causes confusion among community members.
Furthermore, Coin Edition recently noted that SunPump, a meme coin platform on the Tron network, has implemented a 100% on-chain buyback and burn process for its SUN token, effective September 3rd. This transition to a fully on-chain process is designed to enhance transparency, ensuring that all burn records are verifiable on the blockchain.
Sun further explained that adding liquidity through LP tokens could improve market depth and attract larger investors, known as ‘whales,’ who favor tokens with high liquidity to avoid slippage and volatility.
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