Sun (SUN) 52% surge…"Reflects expectations that SunPerp profits will be used for buybacks"
Summary
- It reported that the price of the SUN token surged 51.9% due to the impact of SunPerp, which Justin Sun officially announced the launch of.
- The news that Justin Sun plans to use SunPerp profits for SUN token buybacks was analyzed as raising expectations of a supply reduction.
- The market is reportedly expecting SunPerp to officially launch at the Token2049 event.
Justin Sun, founder of Tron (TRX), has formalized the launch of the decentralized derivatives exchange 'SunPerp', and the price of the SUN token is showing a sharp rise.
According to cryptocurrency market site CoinMarketCap on the 20th, as of 20:39 that day SUN was trading at $0.03511, up 51.9% from the previous day.
Earlier that day, crypto-focused media Prime News reported, "Justin Sun said he will use profits generated from SunPerp to buy back SUN tokens." Analysts say this plan led to expectations of reduced token supply, which stimulated the price increase.
Justin Sun also said at a recent community space event, "Tron offers the broadest USDT utility and there is large demand for derivatives," and "We will pursue a latecomer strategy through SunPerp."
Meanwhile, the market expects SunPerp to officially launch at the Token2049 event in Singapore on the 24th.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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