Sun Token Price Booms 50% Will Billionaire Justin Sun Start the Next Crypto Boom?
The price of a new meme currency dubbed Sun Token (SUN), allegedly named after Tron (TRX) blockchain pioneer Justin Sun, has soared in recent days.
DEXTools reported a roughly 50% 24-hour increase in the SUN token price, bringing its weekly gain to over 200%.
Meme coin's market worth is currently at $640 million. That would make it CoinMarketCap's 6th biggest meme currency.
Sun Token prices skyrocket as Tron launches Sun Pump, a meme currency deployment technology.
Justin Sun's newest meme currency deployment dApp might start the next crypto frenzy.
Does Sun Token Price Explode Signal the Next Crypto Boom?
A Dune dashboard shows that Tron users have issued approximately 34,000 meme coins since the protocols launched a week ago.
Over 13.6 million TRX were generated in protocol fees.
At $0.158 TRX, that's about $2 million in fees.
The rise in meme coin trade, which has lowered the Sun Token price, has benefited the Tron ecosystem.
DeFi Llama reported record Tron day sales of $5 million this week.
That boosted TRX. TRX is up 17% this week and nearing its 2021 highs at $0.18, slightly under $0.158.
Justin Sun's meme currency protocol mimics pump, a viral Solana mechanism.fun.
Sun's successful protocol launch may not spark a fresh crypto market, but it will feed meme coin hysteria.
After the Fed announced a series of rate cuts, meme coin season may heat up.
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