Justin Sun, Tron founder, has said in a tweet today that he plans to begin ‘actively trading memecoins’ through his public crypto wallet address.
Sun stated that he will withstand any losses from his future memecoin trades, and donate all potential profits to good causes.
Sun also told his 3.4million followers that he will trade memecoins just ‘for fun’. He added that there are no guarantees that any of such tokens being listed on the Huobi Global and Poloniex crypto exchanges.
“Always do your own research before investing!”
At the time of writing, the Tron (TRX) token is trading at $0.0692 – down 1% in the past 24 hours. It has a circulating supply of 90,480,483,572 TRX coins and a market cap of $6billion. It’s currently ranked as the 12th-biggest crypto on the market, according to stats from CoinMarketCap.
Memecoin frenzy
Meme-inspired tokens are taking the crypto world by storm at the moment. While the biggest memers Dogecoin and Shiba Inu remain on top of the pile, newcomers such as Pepe, Turbo, and Wojak have seen massive gains since joining the market.
Another recently launched memecoin includes SpongeBob (SPONGE), which climbed by more than 3,000% in its first few days and has just been listed on the Bitget and Gate.io exchanges.
Pepe coin (PEPE) in particular has seen the biggest rise of the ‘memecoin season’ that kicked off in April. It registered an unbelievable leap of 5,000,000%, reaching its all-time high of $0.000004354 on 5 May. It is now the third most-popular meme behind DOGE and SHIB, followed by FLOKI, BONE and ELON.
Pepe’s recent Binance listing saw the frog-themed coin achieve a $1billion market cap – just three weeks after it launched on 14 April.
However, at the time of writing, PEPE is down 63.33% from its ATH and is now trading at $0.00000158.
