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Justin Sun, cryptocurrency supporter and co-founder of Tron
Justin Sun Sets His Sights on Meme Coins Like PEPE
In a tweet on May 11, Sun, who is known as a crypto whale in the past for holding and transferring massive amounts of coins, said he would actively buy and sell meme coins and promising projects from his public crypto address and donate all profits to charity.
However, he warned that he would personally bear all potential losses and donate all profits entirely 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 he may choose to expose himself to a meme coin project that buys certain coins, but regardless of its potential, the coin or project may not be listed on Huobi or Poloniex. These are some of the earliest and most liquid crypto exchanges that offer hundreds of token listings and where Sun holds an influential executive position.
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It is still unclear which project is on Sun’s radar. Also, it has not been determined which crypto addresses the founder will use to buy and sell meme coins.
Although he is a co-founder of Tron, he has not shied away from other projects used in Ethereum and other public networks.
Tron Co-Founder Warned by Binance
After a warning from Changpeng Zhao, CEO of Binance, the largest exchange in the world in terms of customer base and trading volume, Sun rejected the $56 million transfer he made at the beginning of May. There were concerns that Sun was planning a token hunt to grab the SUI token, the local 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 pointed out Sun’s bulk transfer of $56 million in TUSD. Zhao was concerned that Sun would make SUI block purchases from Binance Launchpool. The exchange clarified that it wanted a fair air drop that included active retailers and was not just for “a few crypto whales.”
Through Launchpool, users can provide liquidity by depositing crypto assets such as SUI and then receive investment rewards.
SUI Price May 12
Sun apologized for the massive transfer and said it was a mistake. He explained that the real intention was market-making for TUSD, a stablecoin. The Tron founder said:
Unfortunately, our team was not fully aware of the intended purposes of these funds and mistakenly used some of them to participate in exchange campaigns. After realizing this mistake, we immediately contacted the exchange team and made arrangements for the full refund of the funds.
It is still unclear how Sun will proceed with his purchases and how the community will react to them. However, like the addresses of other influential crypto founders such as Ethereum co-founder Vitalik Buterin, his addresses will be actively monitored and copied.
