Altcoin
Justin Sun Predicts Second Wave of Growth for Tron Memecoins
Justin Sun believes that Tron memecoins are ready for a new cycle of growth, supported by continuous development and a high degree of community involvement in the Tron network.
He feels that if TRX can break above its previous peak, a wave of FOMO might be created to propel attention and investment toward meme coins on Tron.
Justin Sun’s Tron Bets Big on Memecoins After SunPump Launch
Tron, the blockchain helmed by Justin Sun, is dipping its toes into the meme coin space with the recent launch of SunPump, a platform built for creating meme tokens on the Tron blockchain.
Justin Sun recently said he foresees a new growth phase for Tron meme coins in light of continuous development and strong community support across the Tron network.
According to Sun, a possible break above its earlier peak might trigger a wave of FOMO, which attracts more eyeballs and funds to the Tron meme coin ecosystem.
I believe Tron memecoins are about to experience a second wave of growth. With continuous building and community development, Tron has been steadily progressing. Once TRX breaks its previous high, the FOMO for Tron memecoins won’t be far behind. https://t.co/ksa5GsznMv
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 25, 2024
The network’s native token, TRX, has also seen significant growth, with its market capitalization up 24% in Q3 2024 from approximately $11 billion to $13.5 billion, the seventh consecutive quarter of expansion, per Messari. This consistent increase has planted TRX in the Top 10 cryptocurrencies by market capitalization, behind only XRP and Dogecoin.
The transaction volume for the TRON network was on the uptick during Q3, mainly because of the Justin Sun’s SunPump. Transactions of TRX increased 29% to $151 million for the quarter. It was an especially remarkable August: over 270 million TRX, worth $42 million, were burned on one day on SunPump-TRON’s most significant single-day burn to date.
Each TRX transaction, which is a deflationary token, further diminishes supply, helping to prop its value.
This surge also saw the TRX/BTC pairing gain 25%. TRX growth is highly based on USDT transactions and hype from SunPump, a unique “meme fair and online platform” for boosting meme token activity on Tron’s network.
Can Tron’s Deflationary Token Outperform the Market?
TRON caps the supply of TRX at 100 billion to prevent inflation. In Q3, its circulating supply dropped from 87.20 billion to 86.62 billion due to its aggressively increased burn schedule. This has also pushed TRX’s annualized deflation rate up to -2.7% from -2.4% in the previous quarter, as tokens burned continue to outstrip new minting.
This balancing act between burning and issuance of new tokens aims to reduce Justin Sun’s TRX’s circulating supply, a boon for holders and investors alike. Meanwhile, TRX staking yields increased by 13% quarter-on-quarter due to more participants.
TRON is now valued at $14.4 billion, placing it higher among the biggest cryptos by market capitalization, with revenue growth bolstered by the launch of SunPump, its meme coin platform. With such a concrete burn policy and gradually increasing user activity, TRON is all set for further growth. At the time of writing the TRX price was rising by 1.83% and hovered at $0.17.
AI Memecoin Ethics Under Sun’s New Rules
Justin Sun has taken a new look at AI’s place in the ever-vibrant meme coin ecosystem. On his official X account, Sun reimplemented Asimov’s famous Three Laws of Robotics to the evolving world of AI and meme coins by introducing “The Asimov Three Laws of AI Meme Coin Ethics.”
Whereas Asimov’s Laws dealt conventionally with the relationship between robots and humans, Sun’s new interpretation dealt with the ethical treatment of investors with respect to AI meme coins. The first such law stated, “an AI may not create and then dump an AI meme coin, nor seek personal profit if it would harm human interests.” The second states that “an AI shall defer to human governance over meme coins except in those cases where this would conflict with the First Law.
Last but not least, Sun’s third rule states that “an AI must safeguard its own AI meme projects’ survival, provided it does not violate the First or Second Law,” pointing out an ethical frame through which AI inhabits a role in the future of digital assets.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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