Justin Sun, the founder of Tron, has made an announcement stating that SunPump has intentionally destroyed more than $8 million worth of SUN tokens from its available quantity.
Furthermore, a further $4 million worth of tokens is scheduled to be destroyed in the near future. Within the past 24 hours, a total of 28,999,138.3071 SUN tokens, worth $819K, have been destroyed.
There are still 10.97 million tokens left to be destroyed. The SunPump community has implemented a buyback and burn strategy that operates entirely on the blockchain, with the aim of addressing the lack of clarity surrounding LP token burning.
The official website provides real-time updates of burning records. SunPump, the initial meme coin generator built on the Tron blockchain, surpassed its competitor Pump.fun, which operates on the Solana blockchain, in terms of daily revenue by a margin of $200,000.
The smart contract of SunPump will allocate 0.05% of the value of each transaction on SunSwap V2 to acquire SUN tokens. These tokens will be subsequently destroyed by depositing them into a specific address every four weeks, which is connected to the TRON blackhole.
The revenue repurchase and incineration process is anticipated to be finalized within a short span of time. Notwithstanding the favorable news, the SUN token has encountered a significant decrease, with its price plummeting by more than 14.5% in the last 24 hours.
