Sun Token Price Explodes 50% – Is Billionaire Justin Sun About to Trigger the Next Big Crypto Boom?

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Joel Frank

Author

Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

August 23, 2024 03:02 EDT

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The price of a new meme coin called Sun Token (SUN), which was issued seemingly in honor of Tron (TRX) blockchain founder Justin Sun, has exploded in the last few days.

The SUN token price was last up nearly 50% in 24 hours, per DEXTools, taking its gain on the week to over 200%.

That gives the meme coin a now whopping market cap of over $640 million. That would rank it as the 6^th largest meme coin on CoinMarketCap.

The Sun Token price’s explosion comes against the backdrop of the sensational launch of a new meme coin deployment protocol on Tron called Sun Pump.

Could Justin Sun’s latest meme coin deployment dApp be about to trigger the next big crypto boom?

As Sun Token Price Explodes, Is the Next Crypto Boom Here?

The explosion of the Sub Token’s price comes against a backdrop of booming on-chain activity on Tron.

That boom in activity comes as meme coin degens flock to the blockchain to issue and trade new meme coins on Sun Pump.

Since the protocols launch just over one week ago, Tron users have issued nearly 34,000 new meme coins on Tron, per a Dune dashboard.

During those days, the protocol has raised fees of over 13.6 million TRX.

That’s fees of more than $2 million at the current TRX price of $0.158.

The surge in meme coin trading that has sent the Sun Token price souring has had a positive impact on the broader Tron ecosystem.

Per DeFi Llama, Tron’s daily revenues hit a record high this week above $5 million.

And that has helped lift TRX. Last just under $0.158, TRX is up 17% this week and closing in on its 2021 highs at $0.18.

Justin Sun’s new meme coin protocol Sun Pump is a copycat of a viral Solana protocol called pump.fun.

Whilst Sun’s successful new protocol launch itself might not be the catalyst of a new crypto boom, it will certainly help to fuel meme coin mania.

Meme coin season may be about to heat up even more in wake of the Fed’s announcement that a series of rate cuts are coming.

Crypto Alternative to Consider

TRX is well positioned to continue rallying thanks to an improving macro backdrop and strong on-chain fundamentals.

But TRX probably won’t more than 3x from current levels in the coming years.

Traders with a higher risk tolerance might want to consider an alternative investment strategy – crypto presales.

One presale that the team at Cryptonews.com like a lot right now is a new meme coin staking protocol called Crypto Allstars (STARS).

This innovative protocol unites the meme coin world by providing a platform for multi-chain staking of existing popular meme coins.

Its already raised over $700,000 in presale, despite launching just days ago.

Below Cryptonews.com’s in-house presale analyst explains why this project has huge potential.

Buy STARS Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.