SOON Token Plummets 41% Amid Market Manipulation

The SOON token experienced a sudden and significant price drop of 41% on July 5, 2025. In response to this dramatic decline, the development team behind the SOON project released a detailed analysis report. The report clarified that the incident was a result of coordinated market manipulation, emphasizing that official market makers and foundation wallets were not involved in the attack.

The preliminary report from the SOON team indicated that the manipulation occurred between 4:00 PM and 9:00 PM on July 5th. During this period, 22 million SOON tokens, which had been withdrawn from Bitget, were systematically sold on various exchanges, including Bithumb, Upbit, and Gate. Simultaneously, significant profits were made from short positions opened on platforms like Binance, Bybit, and OKX. This aggressive selling strategy drove the SOON price down from $0.22 to $0.13.

The in-depth analysis revealed that these transactions led to a significant drop in funding rates in derivatives markets, falling by as much as -500% to -600%. The manipulators maximized selling pressure by switching between different exchanges, profiting significantly from the decline. The SOON team reiterated that the foundation addresses were not involved in any of these transactions and that the official market makers, Jump Crypto and Amber Group, had no role in the decline.

The clarification from the developers comes amidst growing concerns about the stability and integrity of the altcoin market. The incident highlights the need for greater transparency and regulation to prevent such manipulations from occurring in the future. The developers' statement aims to restore confidence among investors and traders who have been affected by the sudden price fluctuations.

The price drop in the altcoin has raised questions about the role of developers and market makers in maintaining the stability of digital currencies. The developers' clarification that official market makers and foundation wallets were not involved in the manipulation suggests that the incident was likely the work of external actors seeking to manipulate the market for their own gain. This incident underscores the importance of vigilance and oversight in the altcoin market to prevent such manipulations from occurring in the future.

The altcoin market is known for its volatility, with prices often fluctuating wildly in response to news and market sentiment. However, the recent price drop in the altcoin has been particularly dramatic, raising concerns about the underlying fundamentals of the currency. The developers' clarification that the price drop was the result of market manipulation rather than fundamental issues is a positive sign for investors, as it suggests that the currency's long-term prospects remain intact.

The incident also raises questions about the role of developers in the altcoin ecosystem. Developers play a crucial role in maintaining the stability and security of digital currencies, and their actions can have a significant impact on market sentiment. The developers' clarification that they were not involved in the market manipulation is a positive sign for investors, as it suggests that the developers are committed to maintaining the integrity of the currency.

The altcoin market is a complex and dynamic ecosystem, with a wide range of currencies and tokens competing for investor attention. The recent price drop in the altcoin highlights the need for greater transparency and regulation in the market to prevent such manipulations from occurring in the future. The developers' clarification that the price drop was the result of market manipulation rather than fundamental issues is a positive sign for investors, as it suggests that the currency's long-term prospects remain intact. However, the incident also highlights the need for greater vigilance and oversight in the altcoin market to prevent such manipulations from occurring in the future.