Meme coins have become extremely popular as Bitcoin (BTC) has traded in a tight range for over a month. Congestion on the Bitcoin network has been an issue for the past week, and many people blame meme coins.
According to a tweet from Justin Sun on May 11, he would begin trading memecoins and other exciting ventures utilizing his public address. The cryptocurrency trader declared that he would absorb any potential losses and give profits from such trades to charity.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Sun warned that his trades shouldn’t be taken as investment advice and that there was no assurance that any of the projects he purchased would be listed on the exchanges he is associated with, Poloniex and Huobi Global. He said that he is “simply trading coins for fun”, suggesting to do “research before investing”.
On May 7, Tron (TRX) and BitTorrent (BTT), two blockchain networks associated with Justin Sun, encouraged memecoin developers to utilize their platforms to create their tokens.
Sun claimed that the networks would compensate developers for exchanging gas by providing grants of up to $1 million. These developers would also receive help with marketing and new product development from the networks.
A Lookonchain user reported losing Ethereum (ETH) to the “Justin Sun Inu” token in October 2022. Meme tokens have been sent to the public wallets of celebrities by scammers. Besides this, the TRON decentralized autonomous organization (DAO) has announced plans to create a Memeverse fund that would incentivize the most popular meme token projects within the Tron ecosystem.
In addition, top cryptocurrency exchanges like Huobi Global and Poloniex would prioritize listing meme coins developed on Tron. Rumors are that Justin Sun is Huobi’s true owner; he is currently a member of the Global Advisory Board for the trading platform. Sun also described the recent collaboration between Huobi and Tron.
