Will SOON’s Aggressive Buyback Strategy Spark a Price Recovery Post-July Collapse?
SOON token holders are clutching their wallets tighter than a VC in a bear market—desperate for signs of life after July's brutal downturn. The project's buyback program promises a lifeline, but can it really move the needle?
The Buyback Hail Mary
Team SOON is burning tokens like a day trader burns bridges—fast and with questionable long-term strategy. The mechanics? Simple: use treasury funds to scoop up discounted tokens, reduce supply, and theoretically pump the price. Classic crypto economics—until the next whale dumps.
Market Realities vs. Hopium
Let's be real: buybacks in crypto are like putting a Band-Aid on a gunshot wound. They might stabilize the bleeding temporarily, but without organic demand, it's just financial theater. Remember when projects used to build actual products instead of playing token Jenga?
The Verdict
Will it work? Maybe—for about 15 minutes. In a market where 'fundamentals' means whatever narrative pumps your bags hardest, SOON's move could trigger a dead cat bounce. But until they give traders something real to FOMO into, enjoy the show while it lasts. After all, what's crypto without a little reckless optimism?
What triggered the buyback
The initiative stems from a devastating 41% drop in SOON’s price on July 5, when a wave of coordinated selling sent the token plummeting from $0.22 to $0.13 within hours.
On-chain analysis revealed that 22 million SOON tokens were withdrawn from Bitget and dumped across multiple trading platforms, including Bithumb, Upbit, and Gate.io. At the same time, large short positions were opened on major derivatives platforms, suggesting an orchestrated manipulation intended to profit from the crash.
The SOON Foundation denied involvement from team or affiliated market makers, later disclosing wallet addresses to support the claim. The Foundation believes the incident was a deliberate and coordinated attack by a professional trading institution with market-making experience, designed to exploit liquidity gaps between DEEP perpetual markets and thinner spot liquidity, particularly on Korean exchanges.
Furthermore, the Foundation emphasized that the crash occurred amid critical growth efforts, including new CEX listings, improved spot liquidity, and the upcoming launch of key products like Simpfor.fun V3, making any market disruption counter to the project’s interests.
We want to make it absolutely clear that SOON Foundation is not involved in, nor did we have any incentive to participate in, the recent price dump of $SOON.
This incident occurred at a time when we are actively working to list $SOON on more centralized exchanges, improve spot… https://t.co/C5XIjPVCO1
On July 17, the SOON community released a proposal titled “Token Burn and Buyback Plan Addressing Previous Potential Market Manipulation,” which received unanimous support. The plan outlined the immediate burn of 7.7 million unclaimed airdrop tokens and the buyback and destruction of an additional 22.3 million tokens—together totaling 30 million, or roughly 3% of the total supply—as a direct response to the July 5 incident.
Today’s launch of the SOON Token Redemption Program appears to be the initial implementation of the buyback mechanism outlined in that proposal.
SOON price jumped 5% on the announcement, currently trading at $0.15 and testing resistance at the 20-day EMA.
