Jump Crypto, a subsidiary of Jump Trading, showed signs of returning to the Solana market. A wallet flagged as belonging to the market maker received a large transaction of SOON tokens.
Jump Crypto is making forays into the crypto market, just months after trying to divest its assets and abandoning old projects. However, the market maker did not entirely abandon crypto activities.
Recently, a wallet flagged by Arkham Intelligence received a significant transaction of SOON tokens. Before that, the wallet received several smaller transfers from external senders.
Jump Crypto was one of the market makers significantly damaged by the fallout of FTX and the subsequent bear market. A return would signal renewed potential for the crypto sector, with a boost from new legislation and a more favorable US administration.
Recently, Jump Crypto was in communication with the US Securities and Exchange Commission on its safe harbor vision of digital assets. The fund also gave signs of being interested in tokenized securities, by joining the recent funding round for Securitize.
Jump Crypto did not abandon its investments entirely, and continued to function as a Tier 2 fund. The latest activity was an extended seed round for Nirvana Labs, a blockchain infrastructure startup. The fund has a total of 92 investments of $3M to $10M, with its main focus on payments, wallets and infrastructure.
Jump Crypto joins as SOON airdrop goes live
The sudden activity for SOON arrived just as the project launched its airdrop event.
Currently, Jump Crypto holds 0.46% of the entire SOON supply, becoming the 11th largest holder of the token.
SOON is still bound up in large wallets, and the Jump Crypto address is currently active in a small cluster, with rapid transfers for $73.76M.
SOON is just beginning its trading journey, breaking out from below $0.001 to $0.01 within days. So far, SOON has been in the green, with a sudden spike in volumes. However, the token still has only $191M in decentralized liquidity on Raydium. In the coming days, the token may see more exposure as it enters price discovery.
Jump Crypto joins just in time to take SOON off the ground, as the airdrop event is completed. Currently, SOON has extremely limited trading, with almost no profits realized. The connection to a high-profile market maker may boost the project.
SOON is the token of a new Solana-based scaling network, known as Soon SVM. The project’s goal is to extend the usage of Solana even faster and more cheaply. Soon SVM is a new implementation of the Solana tech stack, offering a new fast infrastructure. SOON is the rare launch for a utility token, closely watched as a potential blue chip asset and not just another meme.
SOON will also get a boost from being added to Binance Alpha, with trading starting this Friday. In general, Binance Alpha sees more activity for BNB tokens, but a Solana-based asset may also take off. SOON remains highly risky, but shows signs of potentially breaking out and being highly curated by top crypto players. However, the token may also see selling and aggressive trading in its initial days, as KOLs may shed their airdrop tokens.
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