Rock meme coin rockets on Justin Sun speculation

by

As a seasoned analyst with over two decades of experience in the volatile and ever-evolving cryptocurrency market, I’ve seen my fair share of meme coins that promise the moon but often deliver nothing more than a crash landing. However, Rock, the “useless” meme coin on the SunPump ecosystem, has caught my attention, mainly due to its association with the influential figure in the crypto world, Justin Sun.

In a fresh addition to the SunPump network, a meme token named Rock, has been among the leading performers within the crypto market. This surge is largely attributed to rumors and anticipation that Justin Sun may have made an investment in this digital currency.

The ROCK token saw a remarkable increase of almost 100%, peaking at $0.003375. This impressive rise brought its total market value to more than $3.3 million.

After a social media post hinting at Justin Sun, Tron’s founder, investing in the meme coin, there was a surge in the token’s value. An official account associated with Rock shared the speculation, but as of now, Justin Sun hasn’t verified these claims.

It seems you’re asking if Justin Sun owns $ROCK and wondering why he hasn’t sent it to $10M yet.

— Mr. BIG WHALE (@MrBigWhaleREAL) August 28, 2024

Affirming Sun’s investment would carry great weight given his prominence within the cryptocurrency sector.

Beyond launching Tron, Sun has taken on additional roles such as acquiring BitTorrent (BTT) in 2018 and serving as a senior advisor for HTX, previously known as Huobi. Additionally, he introduced USDD, a stablecoin that manages over $700 million in assets. As per Arkham’s assessment, Sun’s cryptocurrency holdings are estimated to be worth more than $1 billion.

Among the notable contenders in the cryptocurrency market, there’s a token self-proclaimed as merely a “useless meme coin.” This differs from another Ethereum-based meme coin, which experienced a 20% decline in its price.

In the SunPump system, there are other significant assets besides SunPump itself. These include Sundog (SUNDOG), currently valued at approximately $247 million, and Dragon Sun, estimated to be worth around $28 million. Combined, these tokens within the SunPump ecosystem have amassed a total value of over $366 million.

Moreover, it’s been just under two weeks since the launch of SunPump, and trading activity has already accrued more than $30 million in fees. This significant income has led to Sun announcing that the SUN community will hold a vote on the first revenue burn.

Because SunPumpMeme generated more income than anticipated, the SUN community is planning to initiate its first revenue burn using these earnings. Further details will follow soon! 🚀🌞

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 27, 2024

To put it simply, based on the historical trends of meme-based cryptocurrencies, investing in Rock carries both high risk and potential for significant returns. These digital tokens tend to experience rapid growth at the outset but often lose steam once the initial excitement subsides.

For instance, Dogecoin (DOGE) soared to $0.7587 after Elon Musk’s endorsement in 2021 but has since dropped by over 87% to $0.098. Shiba Inu (SHIB) also saw a peak at $0.000089, followed by an 85% decline.

In a similar fashion, the newly minted meme tokens such as Dogwhatt, Popcat, and Book of Meme experienced early surges but have since dipped by more than ten percent.

Read More

2024-08-28 17:32