justin Sun
Pump.fun token crash leaves investors stuck holding the bag
Published
1 month agoon
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adminMost 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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Coinbase’s New Wrapped Bitcoin Token Goes Live, Hitting $100,000,000 Market Cap in First Day
Published
3 days agoon
September 16, 2024By
adminUS 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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TRON Will Rank With Bitcoin And ETH In Next 2 Years, Justin Sun Claims
Published
3 days agoon
September 16, 2024By
adminTRON is poised for remarkable growth, with its founder, Justin Sun, predicting that it will rank alongside Bitcoin and Ethereum as one of the top three cryptos within the next two years. This assertion comes amidst the crypto performance boost, having surged approximately 7,000% in value over the past seven years.
TRON Set to Break into Top 3 Cryptos, Founder Justin Sun Claims
In a recent interview with Austin Arnold on the Altcoin Daily podcast, Justin Sun, founder of TRON, expressed unwavering confidence in TRX becoming a top-tier cryptocurrency in the near future. Sun’s optimism stems from the substantial growth and adoption that TRX ecosystem has experienced over the past seven years, marked by a 7,000% increase in value.
He emphasized that this growth is backed by a robust track record and increasing utility in the crypto space.
The adoption of USDT (Tether) on the TRON blockchain has contributed to its market strength and user base expansion. The seamless transactions and reduced fees on the platform have made it a preferred network for USDT transfers. This has facilitated its growth and utility in the crypto ecosystem.
Impressive Milestones Highlight Growth Journey
Furthermore, TRON has hit several milestones that underscore its potential to break into the top three rankings. Notably, USDT’s presence on TRON has reached a remarkable supply of $729 million within just four months of its integration. This surge reflects the growing trust and usage of the blockchain and supports its position in the crypto market.
The consistent performance of TRX and its integration with major financial applications provides a solid foundation for Sun’s prediction.
TRON Strategic Path to Top Tier
With the ongoing developments and the strategic use of USDT, the TRX platform is setting the stage for acceptance and integration into mainstream financial systems. The focus on scalability will drive the crypto network towards a promising future in the competitive crypto landscape.
Moreover, yesterday, Justin Sun announced an exciting upcoming week for Tron memes. He said that Super Representatives are set to propose reductions in network fees, boosting transaction activity. The community will also welcome high-profile meme creators and celebrities, enhancing the vibrancy of the ecosystem.
Additionally, the founder stated that he expect more exchanges to join the SunPump Meme alliance, amplifying the reach of Tron meme coins. He also added,
“Institutional interest in the Tron ecosystem is increasing significantly, with more partnerships being announced. Tron meme coins will see even more remarkable performance in the bull market.”
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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crypto market
Tron-Based SUN Token Soars 197% Amid SunPump’s Momentum
Published
4 weeks agoon
August 23, 2024By
adminThe memecoin frenzy has reached the Tron Network after the launch of Pump.fun’s rival, SunPum. The new memecoin deployer has been making the headlines after surpassing its Solana-based counterpart on key metrics this week.
The platform’s remarkable performance in the past two weeks has propelled the network, TRX, and the SUN ecosystem. As a result, SUN, the native token of the DeFi protocol behind SunPump, has surged over 190% in the last seven days.
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SunPump Takes The Market By Storm
Nearly two weeks ago, DeFi protocol SUN.io introduced SunPump, a Tron-based memecoin launcher to rival Solana’s Pump.fun. The project, which has been heavily promoted by Tron’s founder Justin Sun, became the first memecoin deployer in the blockchain.
Presented as a “convenient and cost-effective token issuance solution,” the deployer has gained significant popularity in the past week. The crypto community was first skeptical about the project, claiming it likely marked “the end of the memecoin era.”
However, its recent performance has brought new life to the Tron network, significantly boosting activity. Dune Analytics data shows that SunPump has deployed over 33,330 memecoins since its creation, generating over 13.1 million TRX, worth around $2 million, in revenue.
On Wednesday, the platform reached an all-time high (ATH) on key metrics, surpassing its Solana counterpart in issued tokens and daily fees. SunPump made $585,000 in revenue on that day from creating 7,531 tokens, while Pump.fun launched 6,701 and generated $366,000 in fees.
Tron-Based Tokens See Massive Surge
Some investors have capitalized on the new memecoin frenzy with some of the most popular tokens launched in the blockchain. A week ago, two animal-themed tokens saw increases of over 50,000% and 25,000% after launching.
At the time, SUNDOG reached a market capitalization of $60 million, which granted it to be listed on crypto exchanges Poloniex and HTX. Since then, the dog-themed token has reached a market cap of $322 million, currently at $190 million.
As of this writing, SUNDOG is trading at $0.1918, a 260% price increase in the last seven days. Similarly, SUN, the native token of SUN.io, is among the largest winners of the week, with a 197% surge propelled by the network’s momentum.
SUN was originally launched in 2021 and reached an ATH of $66 before crashing due to supply hyperinflation. Since then, the token has been redenominated as a multifunctional governance token on the SUN platform.
Last week, SunPump revealed that 100% of the protocol’s revenue would be used to buy back and burn SUN tokens to “support the sustainable development of the SUN ecosystem.”
Moreover, Binance Futures announced on Thursday the launch of the SUNUSDT Perpetual Contract with up to 75x leverage. This week, the bullish push has made SUN’s price break out of a multi-year consolidation range.
After moving sideways within the $0.003-$0.01 price range for the past four years, SUN broke above the $0.15 resistance level on Tuesday. Since then, the token has continued its bullish rally with a 30.4% increase in the last 24 hours. As of this writing, SUN is trading at $0.031 with a market capitalization of $301 million.
Featured Image from Unsplash.com, Chart from TradingView.com
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