Tron founder Justin Sun has expressed his frustration with critics of his new Sun token, which saw a significant price surge in August. This situation draws parallels with previous social media posts by FTX founder Sam Bankman-Fried.
SUN Token Price Surge
In August, the SUN token saw a significant price appreciation despite the typically low summer liquidity in crypto markets. Over the past month, SUN rose by over 240%, trading at $0.036 as of 12:23 pm UTC on August 30, according to CoinMarketCap data. Year-to-date, the token has surged by over 580%.
Sun Pump’s Users and Revenue
SUN is the utility token for Sun Pump, the first memecoin launching platform on the Tron network, similar to Solana’s Pump.fun. On August 21, Sun Pump surpassed Pump.fun in daily active users and revenue.
Parallels with Sam Bankman-Fried
Sun’s recent social media post echoes a similar message from Sam Bankman-Fried made in January 2021, where Bankman-Fried offered to buy as much SOL at $3 as sellers had. Since that post, Solana’s price has increased significantly, surging by over 4500%, reaching $139 as of 12:37 pm UTC on August 30, 2023. Solana was also the largest asset in FTX's bankruptcy estate, with over $1.16 billion held at the time.
Justin Sun's recent social media activity and the surge in SUN token’s price remind us of past events in the crypto industry, particularly in relation to Sam Bankman-Fried’s statements. Time will tell how the situation with the SUN token will develop in the future.
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