Through his public presentation, Tron (TRX) founder Justin Sun stated his plans to begin trading memecoins, including “promising projects.” Sun’s 3.4 million Twitter followers are delighted about the prospect of trading with him, despite his caveat that his investments do not represent financial advice. Lookonchain, a blockchain tracking service, claims that scammers have already begun sending “shitcoins” to Sun’s public address to defraud unsuspecting traders. Before investing, do your research because Sun has claimed that he is trading coins for fun and that any potential earnings will be donated to charity.
Memecoins have recently dominated the crypto news cycle, partly thanks to the recently created Dogecoin (DOGE) rival Pepe (PEPE). Based on a contentious meme, the cryptocurrency had an enormous spike in trading volume, increasing from $0.00000007078 at debut to an all-time high of $0.000004 on May 5th, a gain of over 5,551%. On the other hand, PEPE has retraced more than 75% of its all-time high and is now trading at $0.000001, down roughly 27% in the last 24 hours. PEPE is presently ranked 73rd in the cryptocurrency market by market capitalization.
While Sun’s announcement of trading memecoins may be thrilling for his fans, it’s critical to be cautious and avoid falling for scammers. The warning from Lookonchain concerning scammers sending “shitcoins” to Sun’s public address should be taken carefully. Before investing in any crypto assets, you should conduct your research because the market can be highly unpredictable. Sun’s statement that any potential profits from his trading activities will be donated to charity is a noble gesture, but it doesn’t guarantee profits for his followers.
While trading memecoins might be enjoyable, it’s crucial to proceed with care and conduct your own research. Scammers are constantly looking for methods to take advantage of naïve traders, so it’s critical to be cautious. While Justin Sun’s intention to contribute any possible gains to charity is great, it is still critical to invest intelligently and not rely only on the actions of others. Finally, trading should be approached with a long-term mindset and an informed strategy.