Tron founder Justin Sun is taunting bears to market sell their Sun (SUN) memecoins in a curious echo of previous social media posts made by the now-bankrupt FTX founder, Sam Bankman-Fried.
Sun took to X to express his frustration with all the naysayers of his newly launched Sun token.
The founder wrote in an Aug. 30 X post:
Source: Justin Sun
SUN is the utility token of Sun Pump, the first memecoin launching platform on the Tron network, akin to Solana’s memecoin deployer Pump.fun. Sun Pump flipped Pump.fun in daily active users and revenue on Aug. 21.
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Sun token up 240% in August
The SUN token saw a significant price appreciation during August despite the summer illiquidity characteristic of crypto markets.
Over the past month, SUN rose over 240% to trade at $0.036 as of 12:23 pm UTC, Aug. 30, according to CoinMarketCap data.
SUN/USD, 1-month chart. Source: CoinMarketCap
Zooming further out, SUN is up over 580% on the yearly chart.
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Bankman-Fried Déjà vu?
Sun’s recent social media post has drawn a bizarre parallel with previous posts from Bankman-Fried, the founder and former CEO of the defunct FTX exchange.
Back in January 2021, Bankman-Fried posted a similar message in an X post:
“I’ll buy as much SOL as you have, right now, at $3. Sell me all you want. Then go fuck off.”
Bankman-Fried’s SOL X post. Source: OpenSea
However, the price of Solana (SOL) has significantly appreciated since Bankman-Fried’s post, rising over 4,500% since January 2021 to trade at $139 as of 12:37 pm UTC, Aug. 30, according to Cointelegraph data.
SOL/USD, all-time chart. Source: Cointelegraph
The SOL token remains 46% down from its all-time high of $259 recorded in November 2021.
FTX bankruptcy estate. Top holdings. Source: CoinGecko
Solana was the largest holding of FTX’s bankruptcy estate. FTX held over $1.16 billion worth of SOL as of Aug. 31, 2023, according to CoinGecko data. This caused previous concerns about the token’s long-term price potential.
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