Tron Founder Justin Sun Announces Intention To Enter Memecoin Market As High-Profile Dogecoin Competitor Dips

Tron (TRX) founder Justin Sun says he plans to start trading memecoins.

Sun tells his 3.4 million Twitter followers that he’ll trade the memecoins and “promising projects” through his public address.

“Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

However, it’s crucial to remember that my investments do not constitute financial advice, and there is no guarantee of listing these projects on any exchange, including Huobi Global and Poloniex. I am simply trading coins for fun. Always do your own research before investing!”

Blockchain tracker Lookonchain warns that scammers will send “shitcoins” to Justin Sun’s public address to con unsuspecting traders.

Justin Sun tweeted that he will trade #MEME coins through the public address.

Many scammers will send shitcoins to Justin Sun’s address to scam you.

If you are monitoring @justinsuntron‘s address, please check my previous tweet to identify such scams.?https://t.co/vwYWa66A4d pic.twitter.com/JSlQcaWPzT

— Lookonchain (@lookonchain) May 11, 2023

Blockchain security firm Peckshield notes that scamming process has already begun.

#PeckShieldAlert #JustinSun continues to receive multiple Shitcoins following his tweets.
We have noticed that a scammer gang created a counterfeit $FOUR 4 days ago & used 0xac82…2a9 to pretend to be #JustinSun.
The scammers pretend to be #JustinSun, buying tons of fake $FOUR… pic.twitter.com/L4axTLR6as

— PeckShieldAlert (@PeckShieldAlert) May 11, 2023

Memecoins have been dominating the crypto news cycle in recent weeks due to the newly launched Dogecoin (DOGE) rival Pepe (PEPE).

The crypto asset based on a controversial meme exploded from trading around $0.00000007078 at time of launch to an all-time high of $0.000004 on May 5th, a more than 5,551% increase.

PEPE, however, has since retraced by more than 75% from that all-time high and is trading at $0.000001 at time of writing. The 73rd-ranked crypto asset by market cap is also down by nearly 27% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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