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.
