Memecoin Frenzy: Justin Sun Joins Speculative Trading, Promises To Donate Profits To Charity

Summary:

Tron founder Justin Sun said he will “begin actively trading meme coins” as tokens like PEPE are all the rage at the moment.
The crypto billionaire promised to donate all his memecoin trading profits to charity while using his public address for this venture.
Sun reminded users that his personal decision is not an indicator that Huobi Global and Poloniex – two exchanges affiliated with Sun – will list these meme tokens.

The memecoin hysteria flooding crypto markets gained another supporter in a crypto mogul and blockchain founder.

Tron’s Justin Sun tweeted Thursday plans to “begin actively trading meme coins” as tokens like the Pepe The Frog-theme PEPE lit up crypto trading volumes and on-chain activity across the biggest blockchains on the market.

“Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity”, said Sun who commands billions in crypto and is a popular blockchain figure. He also serves as an advisor for a major Asian-based crypto exchange.

Sun reminded users that his personal decision is not an indicator that Huobi Global and Poloniex – two exchanges affiliated with Sun – will list these meme tokens.

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 @HuobiGlobal and @Poloniex. I am simply trading coins for fun. Always do your own research before investing!

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

Already, degens and scammers are moving to leverage Sun’s public announcement by sending “shitcoins” and scam tokens to his wallet, Peckshield alerted users. This creates the notion that Sun himself is buying these tokens. Scammers often try to ride these situations to deceive users and make off with their tokens or pull liquidity from coins after unsuspecting victims pour cash into speculative plays.

#PeckShieldAlert #JustinSun continues to receive multiple Shitcoins following his tweets.
We have noticed that a scammer gang created a counterfeit $FOUR 4 days ago & used 0xac82…2a9 to pretend to be #JustinSun.
The scammers pretend to be #JustinSun, buying tons of fake $FOUR… pic.twitter.com/L4axTLR6as

— PeckShieldAlert (@PeckShieldAlert) May 11, 2023

Memecoin Frenzy Continues

Memecoin season is not an uber-rare period for crypto participants and observers. Over the years, tokens like Dogecoin and Shiba Inu have taken markets by storm, building billions in market cap and tempting “degenerate” traders or degens to chase the next 100x coin.

While trading these tokens is obviously risky and heavy losses can happen, the allure of making substantial profits seems a motivating factor for traders. PEPE coin on Ethereum for instance which trades for a fraction of a dollar peaked at a $1.5 billion market cap before dipping to around $600 million.

Crypto’s two largest blockchains – Bitcoin and Ethereum – recorded increased on-chain activity in recent weeks amid this year’s memecoin mania. For both blockchains, transaction fees hit two-year highs.