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Justin Sun, an ardent crypto advocate and co-founder of Tron and chief executive officer (CEO) of BitTorrent, says he will start actively trading meme coins like PEPE.
Justin Sun looks meme coins
In a May 11 tweet, Sun, who is known as a cryptocurrency whale and has actively held and transferred colossal amounts of coins in the past, stated that he will begin actively trading meme coins and promising projects directly from his public cryptocurrency address.
However, as a disclaimer, all profits will be donated 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.
— HE Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
He also added that while he may decide to buy certain coins and gain access to a promising meme coin project, said coin or project, regardless of its potential, may not be listed on Huobi or Poloniex. They are one of the first and most liquid cryptocurrency exchanges, with hundreds of tokens listed on which Sun has a powerful executive position.
It’s still unclear which project Sun is eyeing. At the same time, it was not possible to determine which of their cryptocurrency addresses the co-founder will use when trading meme coins.
While Sun may be the co-founder of Tron, he does not shy away from participating in other projects deployed on public networks such as Ethereum and others.
Tron co-founder warned by Binance
Following a warning from Changpeng Zhao, CEO of Binance, the world’s largest exchange by customer base and trading volume, Sun canceled a $56 million transfer he made in early May. There were concerns that Sun was planning to receive tokens from SUI, the Sui Network’s own currency.
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 recorded Sun’s massive transfer of $56 million in TUSD. Before Zhao said, Binance will take action if it blocks the purchase of SUI on Binance Launchpool. The exchange clarified that it wants the fair giveaway to include active retailers and not “just a few cryptocurrency whales.”
Through Launchpool, users can stake their crypto assets such as SUI, providing liquidity before being rewarded for the stake.
SUI price on May 11 | Source: SUIUSDT on Binance, TradingView
Sun later apologized for the huge transfer, stating that it was a mistake. He clarified that the real intention was to create a market for the TUSD stablecoin. The founder of Tron said:
Unfortunately, some members of our team did not fully understand the purpose of these funds and inadvertently used some of them to participate in exchange campaigns. Upon realizing this mistake, we immediately contacted the exchange team and arranged for a full refund.
It is not yet clear how Sun will continue to trade and how the community will react to his purchases once he starts picking worthy meme coin designs. However, it is clear that his addresses, like those of other influential cryptocurrency founders such as Ethereum co-founder Vitalik Buterin, will be actively monitored and copied.