Many would say that Justin Sun, a cryptocurrency whale and owner of exchanges Poloniex and Huobi, could be about to manipulate the memecoin market, with public buying and selling of his highly guarded wallet. However, in a public statement this Thursday (11), he revealed that he will not pocket the profits of his operations, but donate to charity. In addition, he prevents those who follow his operations from having great losses. Influential in the shitcoin community since founding Tron (TRX), Sun recently got into trouble with Binance CEO CZ after making a deposit to participate in a promotion. However, despite declaring that he will rock the memecoins, Sun warned the “sardines” not to confuse his personal with his professional side.
“No guarantees” says cryptocurrency whale who said he will publicly trade memecoins
Nearing the end of the memecoin party, Justin Sun said he will actively trade “good projects” on his public wallet. Thousands of people follow his crypto address on a daily basis, as he is one of the main liquidity providers for the stablecoin TUSD and TRX. Now everyone will be able to see when the whale is buying a new currency, and also selling it in the market.
“I have decided to start actively trading meme coins and promising projects through my public address. Please note that I will personally bear all potential losses from these trades and all profits made will be donated entirely to charity.”
I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity. — HE Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Justin Sun warns he won’t necessarily list memecoins traded on his exchanges
As he owns two exchanges, the community soon hypothesized that Justin Sun could list the memecoins traded by him on his platforms. However, he denied via Twitter that his platforms will receive new memecoins, stating that he wants to trade playfully, on his personal side. Furthermore, he declared that anyone following its movements should research before investing, preparing traders for future losses.
“However, it is important to remember that my investments do not constitute financial advice and there is no guarantee of listing these projects on any exchange, including Huobi Global and Poloniex. I’m simply trading coins for fun. Always do your own research before investing!”
In response to publications by Justin Sun, several profiles started campaigns, presenting memecoins for the billionaire to buy. Others are already preparing to buy everything he negotiates, trying to take advantage of moments of possible profits. Other traders see the upcoming list of memecoins as something to avoid, as Justin Sun does not always support promising projects like this. Tron itself, created by him, has lost 70% of its market value in Dollars in the last five years, leaving many who bought at the top of 2018 at a deep loss.
