Tron (TRX) founder Justin Sun says he plans to start trading memecoins.

Sun tells his 3.4 million Twitter followers that he’ll trade the memecoins and “promising projects” through his public address.

“Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

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 Huobi Global and Poloniex. I am simply trading coins for fun. Always do your own research before investing!”

Blockchain tracker Lookonchain warns that scammers will send “shitcoins” to Justin Sun’s public address to con unsuspecting traders.

Blockchain security firm Peckshield notes that scamming process has already begun.

Memecoins have been dominating the crypto news cycle in recent weeks due to the newly launched Dogecoin (DOGE) rival Pepe (PEPE).

The crypto asset based on a controversial meme exploded from trading around $0.00000007078 at time of launch to an all-time high of $0.000004 on May 5th, a more than 5,551% increase.

PEPE, however, has since retraced by more than 75% from that all-time high and is trading at $0.000001 at time of writing. The 73rd-ranked crypto asset by market cap is also down by nearly 27% in the past 24 hours.

#justinsun #justinsuntron #Meme #memecoin #trading

In recent weeks, the crypto market has been dominated by rising interest in meme coins. These digital currencies, often with no practical use cases, have gained significant popularity among investors seeking quick profits.

Tron (TRON) founder Justin Sun said in a tweet on May 11 he plans to start trading meme coins using his public crypto wallet address. Sun added he will bear all losses from his future meme coin trades, and give any potential profits to charity.

H.E. Justin Sun @justinsuntron

Sun also warned his followers that he will trade meme coins simply “for fun,” adding that there are no guarantees that any of these tokens would be listed on Huobi Global (HT) and Poloniex – crypto exchanges he previously invested in. 

Sun’s announcement comes amid the latest meme coin craze led by the recent meteoric rise of Pepecoin (PEPE). 

PEPE, a meme coin inspired by the popular internet meme “Pepe the Frog,” was launched in April. Over the past few weeks, PEPE saw a meteoric rise of a whopping 5,000,000%, reaching an all-time high (ATH) of $0.00000431 on May 5. It is now the third-biggest meme coin by market cap, trailing DOGE and SHIB. 

But the cryptocurrency saw its price plummet significantly since then, likely due to investors taking profits. At press time, PEPE was trading at $0.000001635, down 13.6% in the past 24 hours and more than 60% from its ATH. 

PEPE 1-day chart. Source: CoinMarkecCap

Bitcoin transaction fees hit new multi-year high amid meme trading frenzy

It is safe to say that the meme coin craze was not welcomed in the Bitcoin (BTC) community. To be more specific, the unprecedented trading activity in PEPE and other meme-inspired coins was one of the factors driving Bitcoin transaction fees to a new record high. 

On May 3, the total amount of fees paid on the Bitcoin network rose to $3.57 million, up around 400% from late April.

Another factor that fueled the surge in transaction fees was the recent interest in Bitcoin ordinals, also known as Bitcoin NFTs. 

source: finbold

image source: ai

#justinsun #justinsuntron #Meme #memecoin #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.