Sun Token Price Explodes 50% – Is Billionaire Justin Sun About to Trigger the Next Big Crypto Boom?
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...
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 6th 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?
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
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