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.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
