Today, a prestigious newcomer arrived in the Solana Layer 2 ecosystem with the launch of the SOON token , the native asset of the SOON project (@soon_svm). The token entered the market with some fanfare, briefly spiking to $1.37 before promptly correcting and heading down to around $0.54. The project has created a lot of excitement in the crypto world, and for good reason—the price is moving, and it’s moving upward. Beneath the surface, though, what we’ve got is a project that is well supported and well financed, with some serious industry players behind it. This is all to say that it’s potentially very much a thing. SOON Trading Debut and Market Dynamics The SOON token was greeted by a wave of opportunistic trading, making its first hours of existence a spectacularly profitable affair for those who bought and sold it then. By the end of that initial trading day, it seemed that SOON had established a new normal around the 54-cent mark. But in the hours leading up to that new normal, SOON had become an instant hit, peaking at $1.37 before dropping almost 60% back to that 54-cent normal. At present levels, the circulating market cap of SOON is around $106 million, and the fully diluted valuation (FDV) is close to $530 million. These numbers—almost doubled from a month ago—certainly show some kind of a spotlight around the recent launch of SOON, shining investor interest and putting in long-term expectations for it to play some kind of role within the Solana ecosystem. Speculative trading might be the major force driving early price action on the market, but that doesn’t mean we’re just seeing a situation of buy and sell orders going through and nothing else. What Bitcoin’s price behavior right now shows is just how uncertain the market as a whole is. Not just about Bitcoin itself, but also about the myriad of narratives and stories the overall crypto-sector trade tells. Both to itself and to the outside world. Solana L2 project SOON @soon_svm debuted trading today, surging to $1.37 before dropping to ~$0.54. Current circulating market cap sits at $106M, with an FDV around $530M. @Binance to airdrop 180 $SOON (≈$97) to users with Alpha Points ≥190. #Solana #SOON pic.twitter.com/RltegXCGMn — Followin (@followin_io) May 23, 2025 Binance SOON Airdrop and Alpha Points Rewards The launch is generating some excitement, and adding to that, Binance has announced an exclusive airdrop campaign for SOON. It was said that there were users who had accumulated 190 or more Alpha Points—a measure of engagement and loyalty within Binance’s promotional ecosystem—and those users were to receive an airdrop of 180 SOON tokens. At the time, 180 SOON was valued at around $97. This airdrop creates not just a way to engage users but an actual incentive to balance the books of a newly traded token. For SOON, the airdrop is a way to drive liquidity and user acquisition in a methodical and, frankly, institutional fashion. That Binance would underwrite a moment like this in the creation of the SOON token is awash with institutional confidence. Also, the initial user response to the airdrop is quite upbeat, with a number of users noting that this is among the biggest rewards so far owing to the Alpha Points program. All this puts Binance squarely in the middle of a token’s launch and keeps the market moving. Jump Crypto’s Market-Making Comeback The apparent return of Jump Crypto as a market maker tied to SOON’s launch offers an intriguing storyline. And this time? Under the leadership of Donald Trump’s administration. Two days before trading commenced, blockchain data revealed that 2.5 million SOON tokens were transported from BNB Chain (BSC) to Solana utilizing LayerZero, a cross-chain interoperability protocol. The address to which these tokens were sent was 7kuKG…1pDqc. One day later, 2 million of those tokens were sent to Jump Crypto’s known public wallet (Gtxgn…LxKdq). Jump Crypto now seems to be actively supporting the SOON market, its first known market-making engagement since Donald Trump became president. This marks the firm’s apparent return to the market in what has been a relatively quiet period since the disruptions of 2022. Jump Crypto 疑似复出！成为币安新币 $SOON 做市商 两天前 Soon 项目方( @soon_svm ) 通过 LayerZero 从 BSC 向 Solana 跨链 250 万枚 SOON，接受地址为 7kuKG…1pDqc ，昨天其中 200 万枚代币已被二次转移至 Jump 公开地址 Gtxgn…LxKdq 若属实，那么 $SOON 就是 Jump 在懂王任期下的首个做市项目了… pic.twitter.com/oLWy2M9XE3 — Ai 姨 (@ai_9684xtpa) May 23, 2025 The algorithmic trading and strategic influence of Jump Crypto in the crypto markets has long fostered a reputation of solidity and reliability. They are often seen as bringing joined-up thinking and acting to the sometimes-ungainly world of crypto token trading. In the past, they have been allies and partners to at least some extent in Solana. Conclusion: SOON Hype Meets Fundamentals With an eye-catching debut, a sizeable airdrop from Binance, and the re-emergence of a big institutional player like Jump Crypto, SOON has become one of the most buzzworthy token launches of late. Despite the fact that its initial price movement was volatile, the groundwork for this thing being a long-term vehicle of positive change seems good. With cross-chain technology, Solana integration, and institutional backers, SOON may be more than just another vehicle for speculators to push around — it could be the start of something genuinely and undoubtably transformative. Once launch day finally comes to a close, the spotlight will very quickly switch to SOON itself, and everyone will watch closely to see how it performs—will it keep right on rolling, or might it regress in the wake of launch as things so often seem to do in this life? We in the space will also watch for how SOON performs on specific verticals—business, politics, and soc. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
