Billionaire Justin Sun’s $SUN Token Jumps 11% – Next $1 Meme Coin?
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Sun Token ($SUN), the native utility asset powering TRON’s new meme coin minting protocol SunPump, outperformed market leader Bitcoin ($BTC) and leapt 5% overnight and 11% over the week to trade at $0.02582 as of this writing.
Over the same period, Bitcoin rose 1.5% in the last 24 hours to hit $63,499. This caps an appreciation of around 9% over the last seven days.
On Wednesday, the US Federal Reserve cut interest rates by 50 basis points (0.5%) after two years of eleven consecutive hikes, which last summer made US borrowing costs the heaviest they’ve been in two decades.
Now that borrowing is getting cheaper, investors are likely to move into more risk-on positions like crypto. The meme coin sector responded positively to the announcement; it leapt 6.9% overnight to hit a market cap of $45.7 billion.
$SUN outperformed the $15.6 billion sector leader Dogecoin ($DOGE) this week. $DOGE grew 2.3% overnight and 1.2% over the week to $0.1067.
To the SUN
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