Rock, a new meme coin on the SunPump ecosystem, was one of the top-performing cryptocurrencies, driven by speculation that Justin Sun had invested in it.
ROCK (ROCK) token surged nearly 100%, reaching a high of $0.003375, which gave it a market cap of over $3.3 million.
The token’s spike followed a social media post suggesting that Sun, the founder of Tron (TRX), had invested in the meme coin. The official X account of Rock reposted the speculation, although Sun has not yet confirmed this.
A confirmation of Sun’s investment would be significant due to his influence in the crypto industry.
In addition to starting Tron, Sun also acquired BitTorrent (BTT) in 2018 and serves as a senior advisor for HTX, formerly known as Huobi. He also launched USDD, a stablecoin with over $700 million in assets. According to Arkham, Sun’s crypto portfolio is valued at over $1 billion.
Rock, which describes itself as “nothing but a useless meme coin,” is one of the top tokens vying for attention in the crypto industry. It is different from Rock, another Ethereum meme coin whose price was down by 20%.
Some of the other big tokens in the SunPump ecosystem are Sundog (SUNDOG), with a market cap of $247 million and Dragon Sun, with a valuation if $28 million. Collectively, SunPump tokens have accumulated over $366 million in value.
Additionally, SunPump trading activity has generated over $30 million in fees, less than two weeks after launch. As a result, Sun confirmed that SUN community would vote for the first revenue burn.
Still, judging by the past performance of meme coins, investing in Rock is a high-risk and high-reward activity. In most periods, meme coins surge in their initial days and then retreat when the momentum fades.
For instance, Dogecoin (DOGE) soared to $0.7587 after Elon Musk’s endorsement in 2021 but has since dropped by over 87% to $0.098. Shiba Inu (SHIB) also saw a peak at $0.000089, followed by an 85% decline.
Similarly, recently launched meme coins like Dogwifhat, Popcat, and Book of Meme saw initial gains but have since retreated by double digits.
Source: https://crypto.news/rock-meme-coin-rockets-on-justin-sun-speculation/