SUN shares fell 8% after Tron founder Justin Sun announced a 100% on-chain buyback and burn program for SunPump

Sun Token (SUN) price has dropped more than 8% in the last 24 hours after Tron founder Justin Sun announced a 100% on-chain buyback program and burned the SunPump meme coin launchpad.

After the sharp price drop, SUN was trading at $0.03121 as of 8:40 a.m. ET. Despite the pullback, the cryptocurrency is still in the green by more than 291% on the monthly timeframe, according to CoinMarketCap. Data.

Justin Sun Announces SunPump Buyback and Burn Initiative

Sun announced that the TRON meme community has decided to implement a 100% buyback and burn program. sun pumpThis decision comes after discussion within the community that moved away from the initial intentions to burn tokens from liquidity pools, according to the Tron founder.

Regarding the issue of buying back and burning revenues @sun pump The community has previously suggested burning LP liquidity tokens because this approach is used by mainstream meme tokens like SHIB.

Burning LP tokens has several advantages, including increasing the liquidity of the token…

— HE Justin Sun🌞Recruiting (@justinsuntron) September 3, 2024

Burning tokens from liquidity pools has “several advantages,” Sun said in a Sept. 3 post on X. One benefit of this approach is that it is “more regulatory-friendly.” However, he added that the process is complex to explain and can lead to misunderstandings in the community.

“After discussion, the community agreed that the best approach would be to implement a 100% buyback and burn directly on the chain,” said the Tron founder. According to Sun, this method is much easier to verify as all records of the funds being burned would be stored on the blockchain.

The number of new meme coins is dropping daily on SunPump.

Data from Sand dune analysis It appears that more than 2000 tokens have been launched on sun pump On a daily basis since the beginning of the month. This is less than half the average of 5,500 new coins minted on the platform between August 28 and August 30.

Over 75.5k meme coins have been launched on SunPump so far. The platform has generated over 29.7 million TRX in revenue. At the current price of the altcoin, this revenue is equivalent to over $4.5 million.

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