Justin Sun mocks SUN token bears after 240% rally – SBF déjà vu?
Tron founder Justin Sun is teasing bears to sell their (Sun) memecoins in a curious manner based on previous social media posts by now-bankrupt FTX founder Sam Bankman-Fried.
Sun took to X to express his frustration with all of his newly launched Sun Tokens.
The founder wrote in an August 30 X post:
Source: Justin Sun
Sun is the utility token of Sun Pump, the first memecoin launch platform on the Tron network, similar to Solana memecoin distributor Pump.fun. Sun Pump Pump.fun daily active users and revenue on August 21.
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Sun is up 240% in August.
In August, the SUN token saw a significant price appreciation despite the summer's illegal nature of the crypto markets.
In the past month, SUN has risen over 240% to trade at $0.036 as of 12:23 pm UTC, August 30, according to CoinMarketCap data.
SUN/USD, 1-month chart. Source: CoinMarketCap
Highlighting further, SUN has gained more than 580% on the yearly chart.
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Has Bankman-Fried been previewed?
Sun's latest social media post drew a striking parallel to previous posts by Bankuman-Fried, the founder and former CEO of the defunct FTX exchange.
In January 2021, Bankman-Fried posted a similar message on the X post:
“I'll buy as much SOL as you have now for $3. Sell me whatever you want. So go ahead.
Bankman-Fried's SOL X post. Source: OpenSea
However, Solana (SOL) price has appreciated significantly since Bankman-Fried's post, up more than 4,500% since January 2021 to trade at $139 as of 12:37 PM UTC, August 30, according to Cointelegraph data.
SOL/USD, all time chart. Source: Cointelegraph
The SOL token is down 46% from its November 2021 high of $259.
FTX bankruptcy estate. High holdings. Source: CoinGecko
Solana was the largest holding of FTX bankruptcy assets. FTX holds more than $1.16 billion worth of SOL as of August 31, 2023, according to CoinGecko data. This has previously raised concerns about the token's long-term value potential.
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