Justin Sun, the vocal crypto supporter and co-founder of Tron and chief executive officer (CEO) of BitTorrent, says he will start actively trading meme coins like PEPE.
Justin Sun Eyeing Meme Coins
In a tweet on May 11, Sun, known as a crypto whale, actively holding and transferring large amounts of coins in the past, said that he will start actively selling meme coins and promising projects directly from his public cryptocurrency address.
However, as a disclaimer, all profits will be donated to charity.
I decided to start actively trading meme coins and promising projects through my public address. Please note, I personally bear all potential losses from these trades, and any profits made are fully donated to charity.
— SHE Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
He also added that although he may decide to buy certain coins and gain exposure to a promising meme coin project, said coin or project, regardless of its potential, may not be listed on Huobi or Poloniex . These are some of the first and most liquid cryptocurrency exchanges that list hundreds of tokens with Sun occupying an influential executive seat.
It is not yet clear which project Sun is looking at. At the same time, it is unclear which of his crypto addresses the co-founder will use when selling meme coins.
Although Sun may be the co-founder of Tron, he does not shy away from participating in other projects deployed in public networks such as Ethereum and others.
Tron’s Co-founder Was Warned By Binance
After a warning from Changpeng Zhao, the CEO of Binance, the world’s largest exchange by client count and trading volumes, Sun reversed the $56 million transfer he made in early May. There are concerns that Sun plans to acquire a token of SUI, the native currency of the Sui Network.
Our team told Justin, if he uses any of this to get the LaunchPool Sui token, “we will take action against it”. SMH.
Binance LaunchPool is intended as an airdrop for our retail users, not just some whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
WhaleAlert flagged Sun’s massive $56 million transfer to TUSD. Before Zhao said, Binance will act if he blocks the purchase of SUI from Binance Launchpool. The exchange made it clear that it wanted a fair airdrop that would include active retailers and not “just a few crypto whales.”
Through Launchpool, users can stake their crypto assets such as SUI, providing liquidity, before receiving staking rewards.
Day later asked for forgiveness for the large transfer, saying it is wrong. The real purpose, he clarified, is to make the TUSD market, a stablecoin. The founder of Tron said:
Unfortunately, some of our team members are not fully aware of the intended purpose for these funds and have inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this mistake, we immediately contacted the exchange team and arranged for a full refund of the funds.
It is not immediately clear how Sun will continue to do business and how the community will react to his purchases once he starts selecting worthy meme coin projects. However, what is clear is that his addresses, like those of other influential crypto advocates such as Ethereum co-founder Vitalik Buterin, can be actively tracked and copied.
Feature Image From Canva, Chart From TradingView