Tron founder Justin Sun is taunting bears to sell their SUN memecoin in a post that bears say bears are holding on to, in a move that bears an uncanny resemblance to a previous social media post by bankrupt FTX founder Sam Bankman-Fried.
Sun expressed his disappointment with opponents of the newly launched Sun token with an X.
The founder wrote in a post on August 30th:
source: Justin Sun
SUN is the utility token of Sun Pump, the first memecoin launch platform on the Tron network, similar to Solana’s memecoin distributor Pump.fun. Sun Pump overtook Pump.fun in daily active users and revenue on August 21.
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SunToken Up 240% in August
The SUN token saw significant price gains in August despite the lack of liquidity that characterizes the cryptocurrency markets during the summer months.
According to CoinMarketCap data, SUN has gained over 240% in the past month, trading at $0.036 as of 12:23 PM UTC on August 30.
SUN/USD, 1-month chart. Source: CoinMarketCap
Looking further ahead, SUN is up over 580% on the yearly chart.
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Have you seen Bankman-Fried yet?
Sun’s recent social media posts have drawn eerie comparisons to previous posts by Bankman-Fried, founder and former CEO of the now-defunct FTX exchange.
In January 2021, Bankman-Fried posted a similar message on X Post.
“I’ll buy all your SOLs right now for $3. Sell as much as you want. Then get out.”
Bankman-Fried’s SOL X post. Source: Open Sea
However, since Bankman-Fried’s post, the price of Solana (SOL) has risen significantly, up over 4,500% since January 2021, according to Cointelegraph data, and is trading at $139 as of 12:37 PM UTC on Aug. 30.
SOL/USD, historical chart. Source: Cointelegraph
The SOL token remains down 46% 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. According to CoinGecko data, FTX held $1.16 billion worth of SOL as of August 31, 2023. This has previously raised concerns about the token’s long-term price potential.
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