Sun Token ($SUN), the native utility asset driving TRON’s new meme coin minting protocol SunPump, surged 5% overnight and 11% over the week, trading at $0.02582 as of this writing.
During the same period, Bitcoin (BTC) increased by 1.5% in the last 24 hours to $63,499, marking a 9% rise over the past week.
On Wednesday, the US Federal Reserve reduced interest rates by 50 basis points (0.5%) after two years of continuous hikes, which had pushed US borrowing costs to their highest point in two decades last summer.
With borrowing becoming cheaper, investors are expected to shift into more risk-on positions like crypto. The meme coin sector responded positively to the announcement, jumping 6.9% overnight to reach 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 $0.1067.
To the SUN 🌞
— H.E. Justin Sun🌞(hiring) (@justinsuntron) September 20, 2024
The most prominent non-doge meme coin, Pepe ($PEPE), outpaced $SUN with intraday gains of 6% and intraweek gains of 13%, trading at $0.058305.
What’s Going On With Justin Sun’s $SUN?
SunPump launched in September 2020 as the native token of the SUN protocol, a TRON-based ecosystem where users can farm yield, swap tokens, and vote in governance proposals.
Following the launch of SunPump on August 13, which integrates $SUN, the token climbed 300% from $0.01 to $0.045.
Since then, it has faced stiff resistance above $0.04, with a support level forming around $0.023, as indicated by the green line below.
$SUN currently has a falling relative strength index (RSI) of 62, suggesting some selling momentum is now replacing the buying activity of the last 24 hours.
$SUN holders are hopeful this will stabilize the token at its current price, given the optimism coming from the macroeconomic side following the Fed’s rate cut. If SUN can break above $0.028 and hold, it could rally higher.
Beyond Justin’s $SUN Token: Crypto All-Stars In $1.4 Million ICO
Whether TRON can truly challenge Ethereum’s dominance in the meme coin sector remains to be seen, given the strong competition from alternatives like Solana and Ethereum Layer 2s.
Investors interested in supporting the meme coin sector by investing in projects with stronger fundamentals can diversify their portfolios with some of the new presales redefining meme coins.
One such project, a unified staking protocol for meme coin fans, is Crypto All-Stars ($STARS), a groundbreaking platform that unites the most celebrated meme coins. This week, one whale even purchased $50,000 worth of $STARS.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS, with a rewards rate currently set at 1,052%.
The team has allocated 20% of the tokens for its presale, 25% for presale staking, 20% for marketing, 10% CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.
The project has gained significant popularity, with its presale raising over $1.43 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow them on social media – X (Twitter) | Telegram to stay updated on all the developments.
