The SOON token market mentioned above is what Jump Crypto is reentering the Solana ecosystem for, cutting its losses there.
The trading firm has also recently profited from an early token price discovery by nominally buying 0.46% of the total SOON supply in a wallet associated with the firm. This follows the recent SOON airdrop and the token hitting the market on the Binance Alpha trading platform, quickly reaching $0.01.
Jump Crypto resumes activity in digital markets
Last month, other Jump Crypto-operated crypto initiatives were pulled back as part of the fallout from the FTX collapse amid bear market conditions. Yet, the firm remained on the Tier 2 investor list, operating limited crypto activities. Although its most recent activities imply a growing interest, the SOON transaction is the most evident sign of this. Ahead of the so-called ‘SOON’ allocation, blockchain intelligence firm Arkham flagged the wallet associated with Jump Crypto because it received multiple inbound transfers, including the sizable SOON allocation.
SOON launch gains momentum with high-profile backing
Solana’s virtual machine, currently called the Solana virtual machine or SVM, is implemented as Soon SVM, which uses a new SOON token to improve speed and scalability. The remaining activity was triggered by airdrop and early listings, pushing the SOON price from below $0.001 to $0.01.
The token trades with limited decentralized liquidity, with $191 million sitting on Raydium. This makes the wallet linked to Jump Crypto now the 11th largest holder involved in $73.76 million in transfers to a closely networked group of addresses.
Regulatory engagement and investment signal a strategic pivot
Last month, Jump Crypto also contacted the US Securities and Exchange Commission about safe harbor frameworks for digital assets. It was also part of Securitize’s funding round, putting it on board with tokenized securities. The firm also participated in a seed round with Nirvana Labs, which indicates that its venture arm is active.
That’s part of a broader strategy shift, rather than a turnaround from digital markets. The fact that Jump Crypto decided to get involved with SOON implies there is something of value in SOON’s utility and infrastructure play.
Trading on Binance Alpha has just started, and despite the danger of early profit-taking, SOON could be on traders’ radars as the trading goes on. The added advantage is that the token’s formative trading phase may gain stability and visibility with a known market maker’s backing.
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