**Justin Sun: $8 Million in $SUN Tokens Burned**
Today, Tron founder Justin Sun announced on X that SunPump has destroyed $8 million worth of $SUN tokens, with an additional $4 million set to be burned soon. He also mentioned that in the near future, $SUN and $TRX holders would receive exclusive access to the token.
Prior to discussing SunPump's revenue buyback and burn strategy on September 3, Sun had already spoken about community-proposed strategies like SHIB's, including burning Liquidity Provider (LP) tokens and popular memecoins. Burning LP tokens offers several advantages, such as improving regulatory compliance, enhancing token liquidity depth, and allowing the burnt liquidity to remain usable. However, it also has drawbacks, including being potentially complex and confusing.
After extensive consideration, Sun stated that the community has decided to implement an on-chain buyback and burn mechanism immediately. This method ensures that all fund burn records are verifiable on-chain, eliminating the need for further explanations. Sun tweeted, "In my personal opinion, this seems like the better course of action, and it will be put into action today."
While some X users praised the move, others raised concerns about the potential neglect of liquidity if buyback and burn become the primary focus. Chains Card Chairman Ben Todar suggested that adding more liquidity could help stabilize prices, create yield opportunities, strengthen the network, attract large investors, and protect against market manipulation.
In the last 24 hours, $SUN's market value has dropped 9.37%, with selling pressure contributing to the ongoing decline. The price currently stands at $0.02875.
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