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Pump.fun token crash leaves investors stuck holding the bag

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3 months ago

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Most Pump.fun tokens have plummeted sharply in recent weeks, costing investors millions of dollars.

Data shows that most of these meme coins have declined by over 20% in the past seven days and more than 50% from their highest points this year. Their combined market cap has now fallen to $391 million.

Most Pump.fun tokens have crashed

Michi (MICHI), the largest part of the ecosystem, has dropped from $0.49 in May to $0.10, with its market cap shrinking from $187 million to $58 million.

Daddy Tate (DADDY), themed after Andrew Tate, has plunged from $0.52 to $0.072, with its valuation slipping to $43 million.

Similarly, Rapper Iggy Azalea’s (MOTHER) token has tumbled from an all-time high of $0.22 to $0.0300, bringing its valuation to just over $38 million. Other top Pump.fun tokens that have faced significant declines include Billy, Smoking Chicken Fish, Aura, and Waffles.

Not everyone has suffered big losses, though. Data from DeFi Llama shows that Pump.fun’s developers have raked in nearly $100 million in cumulative fees since the platform’s launch, with July being the best month yet. It generated over $28 million in July, following $20 million in June. Pump.fun’s revenue has already surpassed $15 million in August.

Another key beneficiary of the Pump.fun craze is Sahil Aora, believed to be the mastermind behind some of this year’s most popular celebrity-backed tokens. He is estimated to have made over $30 million.

Justin Sun launches Sunpump

Pump.fun’s meme coins have also benefited Solana (SOL), which has seen more activity across its decentralized exchanges like Raydium and Orca. Data shows Solana handled over $6.5 billion in transactions in the last 7 days.

Pump.fun has emerged as a popular platform for generating meme coins. Over the past eight months, users have created more than 1.8 million tokens, some of which have gone viral. Its technology leverages Solana, a blockchain known for low fees and fast transaction speeds.

The success of Pump.fun has inspired the creation of other meme coin generators. Last week, Justin Sun unveiled SunPump, which is quickly gaining traction among users.





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Justin Sun Rebrands Asimov’s Laws For AI Memecoins

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1 month ago

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October 19, 2024

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Tron Founder Justin Sun has shared new insight into the AI memecoin trend in the broader crypto ecosystem. Taking to his official X account, Sun rebranded Asimov’s Three Laws of Robotics to fit the new AI ecosystem. Justin Sun tagged the guidelines “The Asimov Three Laws of AI Meme Coin Ethics.”

Justin Sun on the AI Memecoin Laws

While Asimov’s Laws are standard for guiding how robots relate to humans, the Sun’s version guides how memecoins guide humans or investors. In the first rebranded law, the Tron Founder noted that “an AI may not create and then dump an AI meme coin, or seek profit for itself, if such actions would harm human interests.”

This law is vital, considering the growing scam in the broader digital currency ecosystem involving memecoins. At a time, different creators emerged to issue tokens at random. Celebrities like Iggy Azalea launched memecoins for their global online communities. With a new pivot to AI memecoins, if innovators adhere to this law, investors might have some level of safety.

Per the second law, “an AI must comply with human governance of meme coins, except where such governance would conflict with the First Law.”

This is particularly important, considering how current human structure around meme coins has proven fragile. Tron has a robust memecoin ecosystem, a major reason why Justin Sun is likely invested in this ecosystem. Per the rebranded third law, Sun said “an AI must protect AI meme projects’ own existence, as long as such protection does not conflict with the First or Second Law.”

Despite his seriousness with these laws, many are waiting for the Tron ecosystem innovators to abide by them first.

The Memecoin Revolution: a New Twist

There are many offshoot sectors in the blockchain ecosystem, however, the memecoin niche is driving maximal value nowadays. While Solana still dominates the memecoin world, Base, Ethereum, and Tron also have active meme ecosystem.

In an unusual twist, AI systems are now creating memecoins in unsual experimental plot. The major pioneer in this regard, Truth Terminal hit $1 million profit from a $50,000 capital injected into Fartcoin and GOAT.

While it remains unclear how this AI memecoin trend will evolve, the Justin Sun guideline might help safeguard investors overall.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Tron’s Justin Sun Shares Vision For Liberland As Prime Minister

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1 month ago

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October 11, 2024

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On Thursday, Tron founder Justin Sun was declared the Prime Minister of micronation Liberland, after emerging as the winner following a congressional election that happened entirely using blockchain technology. In a detailed message on the X platform, Sun shares his vision for the sovereign state that resides between Croatia and Serbia, on the west bank of the Danube river.

Justin Sun’s Plans As Liberland Prime Minister

After confirming his role as the Prime Minister of Liberland, Sun expressed his enthusiasm for the role while outlining his vision for the future of the country. Sun emphasized that Liberland is not just a geographical entity but a symbol of a political philosophy that advocates for individual liberty, minimal government intervention, and autonomy.

He said that the goal of the micronation is to reduce government spending, lower taxes, and minimize interference in citizens’ lives to foster genuine economic prosperity. He also named other global leaders like Argentine President Javier Milei and U.S. Congressman Ron Paul who align with these ideas.

Justin Sun also stressed that Liberland is a primary example of how citizens can thrive by adopting a minimalistic governance model. He also noted that innovators like Elon Musk share these beliefs, advocating for less centralized control to spur creativity and progress, aligning with Liberland’s core values.

Besides, Sun added that as a Prime Minister, he would promote the principles of libertarianism and small government and make Liberland a global model for other nations. He wrote:

“Just as Vatican City represents a central spiritual authority for Catholics, Liberland will be the heart of the libertarian movement. Libertarians everywhere may have their own countries and nationalities, but Liberland will serve as their ideological homeland—a place where their beliefs in freedom, autonomy, and voluntary governance are respected and embodied”.

Recently, Justin Sun also shared his vision to rank Tron among Bitcoin and Ethereum within two years.

Thinking Beyond Geographic Boundaries and Bloodlines

Furthermore, Justin Sun stated that the truly unique thing about Liberland is that micronation shares its relation with citizens on shared values and principles, thus moving beyond bloodlines or geographic boundaries. “There are no forced obligations, no taxes, and no mandates imposed on its citizens,” he wrote.

Thus everything will work on a shared voluntary participation and mutual respect. Commenting on this development, Cardano co-founder Charles Hoskinson stated that Sun’s appointment as Prime Minister of Liberland represents a new level of craziness in the market and that he doesn’t know whether he should laugh or cry about it.

The development led to a Tron price surge on Thursday aided by an 11 million TRX token burn. At press time, TRX is trading at $0.1593 with a market cap of $13.79 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase’s New Wrapped Bitcoin Token Goes Live, Hitting $100,000,000 Market Cap in First Day

Published

2 months ago

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September 16, 2024

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US crypto giant Coinbase has successfully gone live with the launch of its wrapped Bitcoin token at a $100 million market cap.

The firm’s Coinbase Wrapped BTC (cbBTC) is a Bitcoin (BTC)-backed, Ethereum (ETH)-based token that aims to help users streamline their decentralized finance (DeFi) experience.

Data from CoinGecko shows that cbBTC started trading on September 12th before getting to a market cap of over $100 million the next day.

Coinbase recently explained how BTC holders can use the firm’s wrapped version of the crypto king to streamline their DeFi experience.

“cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways on-chain. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets…

When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC.”

Tron (TRX) founder Justin Sun criticized cbBTC, saying Coinbase’s new project was too centralized and based on trust.

“cbBTC lacks Proof of Reserve, no audits, and can freeze anyone’s balance anytime. Essentially, it’s just ‘trust me.’ Any US government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than this. It’s a dark day for BTC.”

At time of writing, cbBTC is the 402nd-largest crypto with a market cap of over $97.66 million.

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