Justin Sun's $SUN Token Rises 11%—Next $1 Meme Coin?
The native utility asset powering TRON's new meme currency minting system SunPump, Sun Token ($SUN), outpaced Bitcoin ($BTC) and rose 5% overnight and 11% over the week to $0.02582.
In the previous 24 hours, Bitcoin increased 1.5% to $63,499. Over the last week, it rose 9%.
The US Federal Reserve dropped interest rates by 50 basis points (0.5%) on Wednesday following two years of eleven straight rises, which made US borrowing prices the highest in two decades last summer.
Crypto investors may increase risk as borrowing costs fall. The news boosted meme coin prices 6.9% overnight to $45.7 billion.
This week, $SUN beat $15.6 billion segment leader Dogecoin ($DOGE). $DOGE rose 2.3% overnight and 1.2% weekly to $0.1067.
The largest non-doge meme currency, Pepe ($PEPE), outperformed sun with 6% intraday and 13% intraweek gains at $0.058305.
What's Up With Justin Sun's $SUN?
SunPump, the native token of the SUN protocol, a TRON-based ecosystem where users harvest produce, trade tokens, and vote on governance proposals, debuted in September 2020.
The cryptocurrency rose 300% from $0.01 to $0.045 when SunPump integrated SUN on August 13.
The green line below shows that it has met severe resistance above $0.04, with support around $0.023.
$SUN's dropping relative strength index (RSI) of 62 indicates that selling is replacing the past 24 hours' purchasing.
After the Fed dropped rates, macroeconomic optimism is high, hence SUN holders hope this consolidates the token at its present price.
