Summary:
- Tron founder Justin Sun said he will “begin actively trading meme coins” as tokens like PEPE are all the rage at the moment.
- The crypto billionaire will trade with his public address and d to donate all his memecoin trading profits to charity.
- Sun reminded users that his personal decision is not an indicator that Huobi Global and Poloniex – two exchanges affiliated with Sun – will list these meme tokens.
The memecoin hysteria flooding crypto markets gained another catalyst as a crypto mogul and blockchain founder declared trading plans.
Tron’s Justin Sun tweeted Thursday plans to “begin actively trading meme coins” as tokens like the Pepe The Frog-theme PEPE lit up crypto trading volumes and on-chain activity across the biggest blockchains on the market.
“Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity”, said Sun who commands billions in crypto and is a popular blockchain figure. He also serves as an advisor for a major Asian-based crypto exchange.
Sun reminded users that his personal decision is not an indicator that Huobi Global and Poloniex – two exchanges affiliated with Sun – will list these meme tokens.
Already, scammers are moving to leverage Sun’s public announcement by sending “shitcoins” and scam tokens to his wallet, Peckshield alerted users. This creates the false notion that Sun himself is buying these tokens. Scammers often try to ride these situations to deceive users and make off with their tokens or “rug” unsuspecting victims by pulling liquidity from these speculative coins.
Memecoin Frenzy Continues
Memecoin season is not an uber-rare period for crypto participants and observers. Over the years, tokens like Dogecoin and Shiba Inu have taken markets by storm, building billions in market cap and tempting “degenerate” traders or degens to chase the next 100x coin.
While trading these tokens is obviously risky and heavy losses can happen, the allure of making substantial profits seems a motivating factor for some traders. PEPE coin on Ethereum for instance which trades for a fraction of a dollar peaked at a $1.5 billion market cap before dipping to around $600 million.
Crypto’s two largest blockchains – Bitcoin and Ethereum – recorded increased on-chain activity in recent weeks amid this year’s memecoin mania. For both blockchains, transaction fees hit two-year highs.
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