Tag Archives: Justin Sun

Bitcoin

Tron-Based SUN Token Soars 197% Amid SunPump’s Momentum

The memecoin frenzy has reached the Tron Community after the launch of Pump.enjoyable’s rival, SunPum. The brand new memecoin deployer has been making the headlines after surpassing its Solana-based counterpart on key metrics this week.

The platform’s outstanding efficiency up to now two weeks has propelled the community, TRX, and the SUN ecosystem. Because of this, SUN, the native token of the DeFi protocol behind SunPump, has surged over 190% within the final seven days.

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SunPump Takes The Market By Storm

Practically two weeks in the past, DeFi protocol SUN.io launched SunPump, a Tron-based memecoin launcher to rival Solana’s Pump.enjoyable. The undertaking, which has been closely promoted by Tron’s founder Justin Solar, turned the primary memecoin deployer within the blockchain.

Introduced as a “handy and cost-effective token issuance resolution,” the deployer has gained important reputation up to now week. The crypto neighborhood was first skeptical in regards to the undertaking, claiming it probably marked “the top of the memecoin period.”

Nevertheless, its current efficiency has introduced new life to the Tron community, considerably boosting exercise. Dune Analytics information reveals that SunPump has deployed over 33,330 memecoins since its creation, producing over 13.1 million TRX, value round $2 million, in income.

On Wednesday, the platform reached an all-time excessive (ATH) on key metrics, surpassing its Solana counterpart in issued tokens and day by day charges. SunPump made $585,000 in income on that day from creating 7,531 tokens, whereas Pump.enjoyable launched 6,701 and generated $366,000 in charges.

SunPump flips Pump.enjoyable in issued tokens and day by day income. Supply: Adam on X

Tron-Primarily based Tokens See Large Surge

Some traders have capitalized on the brand new memecoin frenzy with a few of the hottest tokens launched within the blockchain. Every week in the past, two animal-themed tokens noticed will increase of over 50,000% and 25,000% after launching.

On 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, presently at $190 million.

As of this writing, SUNDOG is buying and selling at $0.1918, a 260% worth improve within the final seven days. Equally, SUN, the native token of SUN.io, is among the many largest winners of the week, with a 197% surge propelled by the community’s momentum.

SUN was initially launched in 2021 and reached an ATH of $66 earlier than crashing as a consequence of provide hyperinflation. Since then, the token has been redenominated as a multifunctional governance token on the SUN platform.

Final week, SunPump revealed that 100% of the protocol’s income could be used to purchase again and burn SUN tokens to “help the sustainable growth of the SUN ecosystem.”

Furthermore, Binance Futures introduced on Thursday the launch of the SUNUSDT Perpetual Contract with as much as 75x leverage. This week, the bullish push has made SUN’s worth get away of a multi-year consolidation vary.

After shifting sideways throughout the $0.003-$0.01 worth vary for the previous 4 years, SUN broke above the $0.15 resistance stage on Tuesday. Since then, the token has continued its bullish rally with a 30.4% improve within the final 24 hours. As of this writing, SUN is buying and selling at $0.031 with a market capitalization of $301 million.

Tron, SUN, SUNUSDT
SUN’s efficiency within the seven-day chart. Supply: SUNUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Bitcoin

Buying The Ethereum Dip? New Address Tied To Crypto Mogul Justin Sun Purchases 16,000 ETH

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The cryptocurrency market has been rocked by a seismic sell-off over the previous 24 hours, with the 2 largest digital property, Bitcoin (BTC) and Ethereum (ETH), plummeting over 20% in worth. On the epicenter of the chaos is likely one of the trade’s largest names – Justin Solar, the founding father of the TRON blockchain. On-chain knowledge means that Solar might have used the pullback to scoop up thousands and thousands of {dollars} value of Ethereum at discounted costs.

Market Meltdown Wipes Out $600 Billion

In accordance with a Fortune report, this market upheaval unfolded towards a backdrop of widespread inventory market sell-offs triggered by a disappointing jobs report and perceived inaction by the Federal Reserve (Fed). 

Regardless of latest optimistic developments within the crypto sector, such because the launch of Ethereum ETFs within the US in July, digital property mirrored the inventory market downturn. The whole crypto market cap tumbled from over $2.5 trillion on July 28 to roughly $1.9 trillion on Monday, marking probably the most substantial loss since 2022. 

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Crypto market maker Wintermute, described the crypto plunge to Fortune as “surprising,” and attributed it to the US jobs report. The agency famous liquidations surpassing $1 billion in digital asset positions in a single day, together with a $57 billion decline in altcoin market capitalization. 

Noteworthy was a selloff from Bounce Buying and selling, a Chicago-based buying and selling agency that had performed a major position within the crypto trade earlier than scaling again amid collapses and regulatory scrutiny. 

On-chain knowledge by Spot On Chain point out Bounce transferring $47 million value of Ethereum to centralized exchanges (CEXs), although Wintermute cautioned towards oversimplifying market actions by attributing them solely to Bounce’s actions.

Solar’s Ethereum Buying Spree 

Amid this market turmoil, consideration turned to Justin Solar, the founding father of the TRON blockchain. Experiences surfaced of a suspicious tackle linked to Solar shopping for 16,236 ETH with 37 million USDT stablecoin, as ETH plummeted to $2,112 on Monday, with a median buy value of $2,279. 

The tackle, created three hours prior, allegedly withdrew 38 million USDT from the HTX alternate earlier than buying the ETH tokens. It’s additional alleged that this tackle belongs to Solar as a result of its conduct mirroring earlier ETH purchases by him. 

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Notably, Solar reportedly holds over 700,000 ETH, with latest knowledge displaying a considerable lack of round $280 million as Ethereum’s worth dropped by 20%. Since February 8, 2024, Solar allegedly collected 377,590 ETH throughout three wallets, costing an estimated $1.15 billion.

Regardless of Ethereum buying and selling effectively beneath his common shopping for value of $3,051, Solar has denied rumors of liquidation. In a social media put up, Solar acknowledged:

The rumors about our positions being liquidated are false. We not often interact in leveraged buying and selling methods as a result of we imagine such trades don’t considerably profit the trade. As a substitute, we want to interact in actions that present larger assist to the trade and entrepreneurs, similar to staking, working nodes, engaged on initiatives, and serving to venture groups present liquidity.

Ethereum
The every day chart reveals ETH’s value crash. Supply: ETHUSDT on TradingView.com

On the time of writing, ETH has managed to bounce again to the $2,460 degree, with a 346% improve in buying and selling quantity over the previous 24 hours, amounting to $76 billion, in keeping with CoinGecko knowledge. 

Featured picture from Shutterstock, chart from TradingView.com

Bitcoin

Tron Founder Justin Sun Drops $5 Million On ETH

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Justin Solar, the founding father of Tron, a decentralized blockchain-based working system, has discovered himself becoming a member of the Spot Ethereum ETFs FOMO with a brand new $5 million funding in Ethereum (ETH), the world’s second-largest cryptocurrency. 

Tron Founder Buys $5 Million Price Of ETH

In an X (previously Twitter) put up on July 11, Spot On Chain, an AI-driven on-chain analytics platform, uncovered a brand new Ethereum transaction allegedly executed by Solar. In accordance with the analytics platform, the Tron founder had supposedly spent $5 million to purchase 1,614 ETH tokens at an approximate worth of $3,097 per ETH. 

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Spot On Chain revealed that since February 8, 2024, Solar has purportedly bought a complete of 362,751 ETH tokens at an estimated value of greater than $1.11 billion, with a median worth of $3,047 per ETH. This large ETH transaction was executed through three crypto pockets addresses. 

Moreover, the analytics platform famous that the Tron founder just lately deposited 45 million USDT to Binance, a significant crypto alternate, suggesting the potential of new intentions to purchase extra Ethereum quickly. The crypto founder has usually obtained ETH cash from Binance proper after depositing his stablecoin into the alternate. 

Curiously, Solar’s latest ETH buy comes because the FOMO surrounding Spot Ethereum ETFs is rising stronger within the crypto market. Beforehand in June, Gary Gensler, the Chair of america Securities and Trade Fee (SEC) introduced that Spot Ethereum ETF buying and selling will formally launch in the summertime. Because of this, the broader crypto market has been wanting ahead to the debut of a digital asset that might doubtlessly set off a significant rally for ETH.

Earlier than his $5 million ETH buy, Solar had supposedly recorded a main loss after Ethereum declined by 10% on July 7. Spot On Chain disclosed that the Tron founder could have misplaced $66 million within the risky market, erasing the preliminary $58 million revenue he had gained only a day earlier.   

Ethereum Whales Enter Accumulation Section

Regardless of the current declines skilled by Ethereum, the FOMO and pleasure surrounding Spot Ethereum ETFs could have triggered a change in market sentiment and traders’ demand for the cryptocurrency. In accordance with distinguished crypto analyst, Ali Martinez, Ethereum whales are again to accumulating ETH. 

Supply: X

The analyst disclosed that the cryptocurrency had witnessed a short distribution interval, doubtlessly triggered by Ethereum’s low market efficiency and subsequent drop to $3,055 as of writing. Along with ETH, Bitcoin (BTC) has additionally declined considerably, plummeting by greater than 14% over the previous month. 

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Whereas whales present renewed curiosity in Ethereum, crypto analysts predict additional worth declines within the cryptocurrency following the launch of Spot Ethereum ETFs. Nonetheless, as demand for Ethereum ETFs rises and market situations stabilize, ETH may see its worth doubtlessly rising as excessive as $8,000 this market cycle. 

Ethereum price chart from Tradingview.com
ETH worth recovering from dips | Supply: ETHUSDT on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com

Bitcoin

Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines

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Semilore Faleti is a cryptocurrency author specialised within the area of journalism and content material creation. Whereas he began out writing on a number of topics, Semilore quickly discovered a knack for cracking down on the complexities and intricacies within the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the effectivity of digital belongings by way of storing, and transferring worth. He’s a staunch advocate for the adoption of cryptocurrency as he believes it might enhance the digitalization and transparency of the present monetary techniques.

In two years of energetic crypto writing, Semilore has lined a number of points of the digital asset house together with blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), rules and community upgrades amongst others.

In his early years, Semilore honed his expertise as a content material author, curating academic articles that catered to a large viewers. His items had been notably beneficial for people new to the crypto house, providing insightful explanations that demystified the world of digital currencies.

Semilore additionally curated items for veteran crypto customers guaranteeing they had been updated with the most recent blockchains, decentralized purposes and community updates. This basis in academic writing has continued to tell his work, guaranteeing that his present work stays accessible, correct and informative.

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In conclusion, Semilore Faleti exemplifies the convergence of experience, ardour, and advocacy on this planet of crypto journalism. He’s a uncommon particular person whose work in documenting the evolution of cryptocurrency will stay related for years to return.

His dedication to demystifying digital belongings and advocating for his or her adoption, mixed along with his dedication to social justice and political engagement, positions him as a dynamic and influential voice within the trade.

Whether or not by means of his meticulous reporting at NewsBTC or his fervent promotion of equity and fairness, Semilore continues to tell, educate, and encourage his viewers, striving for a extra clear and inclusive monetary future.