Justin Sun, the vocal crypto supporter and co-founder of Tron and chief executive officer (CEO) of BitTorrent, says he will begin actively trading meme coins like PEPE.
Justin Sun Eying Meme Coins
In a tweet on May 11, Sun, known for being a crypto whale, actively holding and transferring colossal sums of coins in the past, said he would begin actively trading meme coins and promising projects straight from his public cryptocurrency address.
However, as a disclaimer, all profits will be donated 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
He also added that though he might decide to buy certain coins and get exposure to a promising meme coin project, the said coin or project, regardless of its potential, may not be listed on Huobi or Poloniex. These are some of the early and most liquid cryptocurrency exchanges listing hundreds of tokens that Sun occupies an influential executive seat.
It is still unclear which project Sun has an eye on. At the same time, it could not be determined which of his crypto addresses the co-founder will use when trading meme coins.
Although Sun might be the co-founder of Tron, he has not shied from engaging in other projects deployed on public networks like Ethereum and others.
Tron Co-founder Warned By Binance
Following a warning from Changpeng Zhao, the CEO of Binance, the world’s largest exchange by client count and trading volumes, Sun reversed a $56 million transfer he had made in early May. There were concerns that Sun was planning a token grab of SUI, the native currency of the Sui Network.
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will “take action against it”. SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
WhaleAlert flagged Sun’s bulk $56 million transfer in TUSD. Before Zhao said, Binance would take action if he block-bought SUI from the Binance Launchpool. The exchange clarified that it wanted a fair airdrop to include active retailers and not “just a few crypto whales.”
Through the Launchpool, users can stake their crypto assets like SUI, providing liquidity, before receiving staking rewards.
Sun later apologized for the huge transfer, saying it was in error. The real intention, he clarified, was in the market-making of TUSD, a stablecoin. The Tron founder said:
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds.
It is not immediately clear how Sun will proceed in trading and how the community will react to his purchases once he starts picking out worthy meme coin projects. Even so, what’s clear is that his addresses, like those of other influential crypto founders like Ethereum’s co-founder Vitalik Buterin, will be actively tracked and copied.
Feature Image From Canva, Chart From TradingView