Crypto Billionaire Justin Sun Announces he’s Trading Meme Coins: $SPONGE, No Meme Token and AiDoge Prices Pumping

cryptonews.com:

Crypto billionaire Justin Sun, a titan in the space, just announced that he would begin trading meme coins and promising projects through his public wallet address.

Justin Sun is a tech-turned-crypto entrepreneur who founded the Chinese voice-based social media application Peiwo in 2014 and then the Tron blockchain, which is powered by the TRX token, back in 2017.

Estimates as to Sun’s net worth are as high as $3 billion. His net worth is at least $823 million, which is the publicly visible value of his crypto holdings.

Crypto traders and analysts will now closely monitor Sun’s wallet for signs of movement, which could signal that he is investing in a new project.

While there are no indications that Sun has started investing in meme coins or new projects using his wallet just yet, the tantalizing prospect that one of crypto’s largest whales is waiting on the sidelines could well keep the ongoing meme coin craze of the last few weeks alive.

New wave meme coins like Pepe coin have seen explosive gains in recent weeks, pushing network fees on blockchain like Ethereum to sky highs levels.

While Pepe coin had been performing very well up until less than a week ago, the market seems to be moving on to new coins in wake of $PEPE’s 70% pullback in the last six days.

The meme coin’s still massive market capitalization of close to $700 million suggests that the room for further upside is limited, with 10x gains about the best one could possibly hope for from $PEPE at this point (making it a $7 billion coin).

Meme coin traders and investors are instead turning to a number of smaller-cap meme coins that have massive upside potential. These include:

The SpongeBob SquarePants-themed meme coin exploded onto the scene last week, posting swift