The founder of Tron Blockchain, Justin Sun has revealed plans of hopping in on the ongoing meme coin frenzy in the crypto space. He announced that he will begin trading different promising meme coins, that too, on his public address. The tech and crypto entrepreneur is a renowned name in the crypto world and he also is the founder of the Tron Blockchain and its native token, TRX.
Sun said that he has been exploring different meme coin projects lately and he reached the conclusion that these meme coins have the potential to grow and turn into something big.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
On the other hand, he acknowledged that he might bear several losses while trading such tokens. However, he added that any profits made as a result of these tweets will directly go to charity.
Crypto Community Lays Eyes on Sun’s Wallet
The recent announcement from Justin Sun came as a surprising development for crypto traders. However, all of Sun’s crypto holdings are visible to the public. He holds around $828 million in different cryptocurrencies. Most of his portfolio is in stETH and USDD. Investors and traders are now keeping a vigilant eye on Sun’s potential trades in the coming days.
Not really sure what to make of this message, but you can track Justin Sun's wallet address on Arkham.
He still currently holds most of his portfolio in stETH and USDD, although he also holds numerous tokens of lower-cap projects.
Link below 👇 https://t.co/ZqctPyd2Dk pic.twitter.com/1NDNTcZpHX
— Arkham (@ArkhamIntel) May 11, 2023
Meme coins are often termed as trash coins but they have repeatedly been proven to reward traders and investors. Many coins, like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have turned investors into millionaires overnight.
With recent developments, the prospect of a big crypto whale waiting to jump into the pool of meme coins will still keep them much more relevant in the market. It is yet to be seen if Justin Sun invests in the currently popular meme coin projects or find some other relatively unknown tokens. However, it is evident that his investments will influence the decisions of many investors across the globe.
Justin Sun also said,
“However, it’s crucial to remember that my investments do not constitute financial advice, and there is no guarantee of listing these projects on any exchange, including @HuobiGlobal and @Poloniex. I am simply trading coins for fun. Always do your own research before investing!”
An Elon Musk Type of Move from Justin Sun
It has been observed over the past couple of years that a particular meme coin is often associated with an influential individual or even a community. For instance, Dogecoin always enjoyed the support of Elon Musk who immensely influenced its market standing.
Keeping this in mind, Sun’s latest move might also be a marketing tactic. He can gain more attention from the crypto community and use it for different promotional campaigns for even his own project. Nonetheless, it is yet to be seen how this stint plays out for Sun in the long run but it has surely kept the meme coin hype alive.