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 $0.1067.
However, the biggest non-doge meme coin, Pepe ($PEPE), trounced $SUN with intraday gains of 6% and intraweek gains of 13% to trade 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.
After 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 shown by the green line below.
Source: TradingView
$SUN currently has a falling relative strength index (RSI) of 62, which means that some selling momentum is coming in now to replace the buying of the last 24 hours.
$SUN holders are hoping this consolidates the token at its current price, given the optimism coming from the macroeconomic side of things after the Fed’s rates cut.
If SUN can break above $0.028 and hold, then it can rally toward the
Beyond Justin’s $SUN Token: Crypto All-Stars In $1.4 Million ICO
Whether TRON can truly challenge Ethereum’s dominance in the meme coin sector remains to be seen with heavy competition from alternatives like Solana and Ethereum Layer 2s.
Those who want to support the meme coin sector by investing in projects with stronger fundamentals can diversify their portfolios with some of the new presales redefining meme coins.
One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS) a revolutionary platform that brings together the most celebrated meme coins in one place. This week, one whale even snapped up $50,000 $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; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.
The project has gained so much popularity that its presale has already raised 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 up-to-date on all the developments.
Visit the Crypto All-Stars presale Website Here
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