Justin Sun To Allocate 100% SUN Revenue To Token Burn, Price Rally Ahead?
Highlights
- Justin Sun announced 100% of SUN’s revenue towards the token burn.
- The Tron executive cited a commitment to the core values of the ecosystem.
- The price of the asset spiked 8% following the announcement.
Tron’s Justin Sun has disclosed that 100% of the SUN token revenue will be utilized towards token burn. This was met with positive sentiments within the community as holders anticipated a price rally. The native token of Sun Pump has gained momentum in recent weeks seen as an alternative to Pump Fun.
Justin Sun Prioritizes Token Burn for SUN’s Revenue
Justin Sun revealed plans for SUN crypto revenues as it gains momentum. In a recent post on X (formerly Twitter), the Tron executive wrote that the SUN token burn would be announced soon adding that 100% of revenues will go toward it. This is in line with the core value of the ecosystem.
“The SUN token burn will be announced soon and will become more regular. The team is focused on resolving API issues with revenue data. But, NO DOUBT, 100% of SUN’s revenue will go towards burning, reflecting our core value: what happens in crypto stays in crypto.”
Token burns are linked with a surge in prices as the platform’s popularity grows. Sequel to the announcement, crypto users lauded the move amid the present market sentiment. Meanwhile, Justin Sun has maintained his positive stance on the token offering to buy out the assets of naysayers who spread rumors about the asset.
For the haters and those who deliberately spread rumors against us, I’ll buy as much SUN has you have, right now, at $0.03. Sell me all you want. Then go fk off.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 30, 2024
In a recent development, Sun announced raising the energy cap to boost TRX staking transactions following the SunPump frenzy.
What’s Next For SUN Price?
SUN price has gained momentum in recent weeks driving on the positive market sentiments and user frenzy. Crypto users on social media spaces have pointed to the anticipated token burn as a huge driver of the asset pointing to recent market activity. At the moment, revenues are over $4 million with the anticipated buyback yet to begin.
SUN trades at $0.0362, an 8% jump in the last 24 hours following the announcement by Justin Sun. This reduced weekly losses after the wider market faced a correction as Bitcoin slipped under $59,000.
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