Today, a prestigious newcomer arrived in the Solana Layer 2 ecosystem with the launch of the SOON token

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).

Today saw the prestigious newcomer in the Solana Layer 2 ecosystem, SOON, the native token of the SOON project (@soon_svm), enter the market with some fanfare.

The token, which briefly spiked to $1.37, quickly corrected, now heading down to around the 54-cent mark at present.

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’s trading debut was met by a wave of opportunistic trading, making the first hours of the token’s 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.

While speculative trading might be the major force driving early price action on the market, that doesn’t mean we’re just seeing a situation of buy and sell orders being executed 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 is trading. 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.

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.

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 疑似出动！成为币安新币 $SOON 做市商

两天前 Soon 项目方(@soon_svm) 通过 LayerZero 从 BSC 链向 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 Dump 时期后、在 懂王 任期内首个由其