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Sun Token Surges 50% – Is Billionaire Justin Sun Poised to Initiate the Next Major Cryptocurrency Surge?
The value of a newly launched meme coin known as Sun Token (SUN), seemingly created in tribute to Tron (TRX) blockchain founder Justin Sun, has surged dramatically in recent days.
According to DEXTools, the SUN token price increased by nearly 50% within 24 hours, bringing its weekly gain to over 200%.
This surge gives the meme coin an impressive market capitalization exceeding $640 million, positioning it as the 6th largest meme coin on CoinMarketCap.
The rapid increase in the Sun Token price coincides with the remarkable launch of a new meme coin deployment protocol on Tron called Sun Pump.
Could Justin Sun’s latest meme coin deployment decentralized application (dApp) be poised to initiate the next significant crypto boom?
As Sun Token Price Soars, Is the Next Crypto Boom Approaching?
The rise in the Sun Token’s price occurs amidst a surge in on-chain activity on Tron.
This increase in activity is attributed to meme coin enthusiasts flocking to the blockchain to create and trade new meme coins via Sun Pump.
Since the protocol’s launch just over a week ago, Tron users have created nearly 34,000 new meme coins, according to a Dune dashboard.
During this period, the protocol has generated fees exceeding 13.6 million TRX.
This translates to fees of more than $2 million at the current TRX price of $0.158.
The increase in meme coin trading that has propelled the Sun Token price upward has positively influenced the broader Tron ecosystem.
According to DeFi Llama, Tron’s daily revenues reached a record high this week, surpassing $5 million.
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This has contributed to a rise in TRX. Currently just below $0.158, TRX has increased by 17% this week and is nearing its 2021 highs of $0.18.
Justin Sun’s new meme coin protocol, Sun Pump, is modeled after a popular Solana protocol known as pump.fun.
While the successful launch of Sun’s new protocol may not directly catalyze a new crypto boom, it is likely to contribute to the ongoing meme coin excitement.
The meme coin season may be on the verge of intensifying further following the Federal Reserve’s announcement regarding upcoming rate cuts.
Crypto Alternative to Consider
TRX is well-positioned to continue its upward trajectory due to an improving macroeconomic environment and robust on-chain fundamentals.
However, TRX is unlikely to increase more than threefold from current levels in the coming years.
Traders with a higher risk appetite may want to explore an alternative investment strategy—crypto presales.
One presale currently favored by the team at Cryptonews.com is a new meme coin staking protocol called Crypto Allstars (STARS).
This innovative protocol connects the meme coin community by offering a platform for multi-chain staking of popular existing meme coins.
It has already raised over $700,000 in presale, despite launching just days ago.
Below, Cryptonews.com’s in-house presale analyst outlines why this project holds significant potential.
Buy STARS Here
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