In a recent announcement, crypto billionaire and founder of the Tron blockchain, Justin Sun, revealed that he is set to begin trading meme coins and promising projects through his public wallet address. With an estimated net worth of up to $3 billion, Sun’s entrance into the market could prove to be a game-changer, as traders and analysts are expected to closely monitor his wallet for potential investment opportunities. Although Sun has not yet started investing in meme coins or other projects, his presence could significantly contribute to the ongoing meme coin craze.
In the past few weeks, new wave meme coins such as Pepe coin have exhibited explosive gains, propelling network fees on blockchain platforms like Ethereum to new heights. However, as the prices of these meme coins have surged, so has the risk of dips in their value. Take, for example, Pepe coin: following a price drop of 70% in the last six days, its current market capitalization of $700 million may leave little room for growth. And while gains of up to 10x are still plausible, this would only increase Pepe coin’s valuation to $7 billion.
As a result, meme coin traders and investors are shifting their focus towards smaller-cap meme coins that boast more significant upside potential. Some of these coins include SpongeBob ($SPONGE), No Meme Token ($NOMEME), and AiDoge ($AI). SpongeBob, a meme coin themed after the popular television character, saw rapid gains of up to 85x from its listing price on Uniswap. With a market cap of around $24 million, the coin’s potential for growth remains high, contingent on continued marketing momentum.
Created in response to a tweet by Elon Musk, No Meme Token experienced a similar trajectory, with gains of approximately 10x versus its listing price on Uniswap within hours of its launch. Its current market cap of just under $5 million indicates that there is still an ample opportunity for the coin to appreciate in value.
AiDoge’s presale of the $AI token, which powers its innovative AI-based meme-generating and sharing platform, has also experienced notable success recently. As interest in AI-driven projects and new meme coins continues to grow, investors are eager to secure $AI tokens at current prices before they increase.
In sum, Justin Sun’s decision to enter the meme coin market has the potential to greatly influence the sector’s dynamics. With more significant growth opportunities available through smaller-cap meme coins, investors should keep a keen eye on new players entering the market, considering the substantial impact of influential investors like Sun.
Source: Cryptonews
