Well-known institution Jump Crypto's wallet received up to 2 million SOON tokens, followed by a small test transfer, sparking market speculation about its potential role as a market maker for SOON tokens. Meanwhile, the global leading cryptocurrency exchange Binance also announced the upcoming launch of SOON USDT perpetual contracts, offering up to 50x leverage.
Jump Crypto's On-Chain Activity Sparks SOON Market Maker Speculation
According to on-chain data monitoring service Lookonchain, the wallet address "Gtxgn" of the well-known cryptocurrency institution Jump Crypto recently received 2 million SOON tokens. Subsequently, the wallet transferred 301 SOON tokens in a small amount to gate.io's deposit address, which was interpreted by the market as potential market-making preparation. In the cryptocurrency market, market makers enhance asset liquidity and narrow bid-ask spreads by simultaneously providing buy and sell quotes, which is particularly crucial for emerging or low-liquidity tokens, helping with price discovery and improving market depth and stability.
On-chain data further shows that the SOON project first bridged 2.5 million SOON tokens from the BSC chain to the Solana chain, of which 2 million were subsequently transferred to Jump Crypto's public address, indirectly supporting Jump Crypto's potential role in the new token's listing process.
Binance Listing SOON Perpetual Contracts Adds Fuel to the Market
Almost simultaneously with Jump Crypto's on-chain activity, Binance announced the official launch of SOON USDT perpetual contracts on May 23, 2025, at 11:30 AM UTC (7:30 PM Taiwan time).
The contract will provide up to 50x leverage, using USDⓈ-margined margin type, meaning users can use stablecoins like USDT as margin for trading and settlement. The initial funding rate cap is set at ±2.00%, paid every four hours.
Binance stated that it will support futures copy trading functionality within 24 hours after the contract's launch.
As a token developing in the Solana ecosystem, SOON's future potential has added momentum to the recent Solana ecosystem.
