Sun Token price surges 50%, will billionaire Justin Sun lead the next wave of crypto craze?

Recently, the price of the emerging meme currency Sun Token (SUN) has risen sharply. According to DEXTools, the SUN token has risen by about 50% in 24 hours, and its weekly increase has exceeded 200%. At present, the market value of Sun Token has reached 640 million US dollars, making it the sixth largest meme currency on CoinMarketCap. The price of Sun Token has soared mainly because Tron launched Sun Pump, a meme currency deployment technology. Justin Sun's latest meme currency deployment dApp may trigger the next wave of crypto craze.

Does the price surge of Sun Token indicate the arrival of the next wave of crypto craze? Dune data shows that Tron users have issued about 34,000 meme currencies since the launch of the protocol a week ago. More than 13.6 million TRX were generated in protocol fees, which is about 2 million US dollars at $0.158 per TRX. The increase in meme currency transactions, although causing fluctuations in the price of Sun Token, has a positive impact on the Tron ecosystem. DeFi Llama reports that Tron’s daily trading volume hit a record of $5 million this week, which has driven TRX’s rise. TRX rose 17% this week, approaching its 2021 high of $0.18, just below $0.158.

Justin Sun’s meme currency protocol mimics Solana’s popular mechanism Pump. Sun’s successful protocol launch may not trigger a whole new crypto market, but it will undoubtedly increase the craze for meme currencies. After the Federal Reserve announced a series of interest rate cuts, the meme currency season may heat up further.

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