Justin Sun to start trading memecoins, donate profits to charity
Justin Sun-related blockchain networks urged memecoin developers to use their ecosystems for their token development.
Crypto entrepreneur Justin Sun would start trading memecoins and other promising projects using his public address, according to a May 11 tweet.
The crypto entrepreneur said he would donate profits from such trades to charity and personally bear any of the potential losses.
Sun warned that his trades should not be mistaken for financial advice, adding that there was no guarantee that any of the projects he buys would be listed on any of the exchanges he is affiliated with — Poloniex and Huobi Global.
“I am simply trading coins for fun. Always do your own research before investing.”
A crypto community member warned that this move could be designed to get the average trader to buy tokens because of the fear of missing out.
Following his tweet, Sun’s public address received multiple sh*tcoins like FOUR, DMT, PEEPO, BIBI, PAPA, and ZUM within the last hour, according to the Arkham Intelligence dashboard.
Sun’s Tron, BitTorrent offer $1M support fund for memecoins
On May 7, Justin Sun-related blockchain networks — Tron (TRX) and BitTorrent (BTT) — urged memecoin developers to use their ecosystems to develop their tokens.
According to Sun’s statement, the networks would incentivize the developers with a funding support of up to $1 million to reimburse their trading gas fees. The networks would also offer marketing and innovation support to these developers.
Besides that, the TRON DAO would establish a Memeverse fund that rewards the most popular meme token projects in the Tron ecosystem.
Also, projects developed on these networks would be prioritized for listing by Huobi and Poloniex.
Memecoins trading volume soar
Memecoins trading volume has greatly increased following the rapid surge of PEPE, WOJAK, and others.
Coinbase reported that the trading volume for these tokens reached more than $2.3 billion last week — its highest level since May 2021.
However, investors appear to be taking profit from the space as all the top 10 assets by market cap in the sector fell by an average of 5% in the last 24 hours, according to CryptoSlate data.