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Tron’s Justin Sun Backs DOGE, SHIB & Other Meme Coins – Crypto News

Published

1 year ago

May 1, 2024

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Tron DAO founder and CEO Justin Sun endorsed Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI) and other meme coins in the latest Token 2049 conference. Sun believes that meme coins are the “first thing” that set the crypto industry apart from traditional finance. In addition, he encouraged development of such meme coin projects.

Tron CEO Backs Dogecoin, Shiba Inu & Floki

In a post on X, Sun posted a clip from the Token 2049 Dubai conference wherein in speaks in favor of meme coins. In the clip, the Tron founder expresses his fascination with all the meme coins with different animal logos. Moreover, he offered a special mention to Shiba Inu and Floki.

Sun also spotlighted the top meme coins that have attained a huge market valuation of over $10 billion. In addition, he highlighted that this valuation doesn’t make sense to ones who endorse traditional finance. However, Sun believes that behind this gigantic market capitalization is “fair launch and community participation,” which are integral to the crypto space.

Furthermore, the Tron CEO underscored that launching a successful meme coin is “just as hard as creating a good crypto project.” Moreover, he emphasized on Tesla CEO Elon Musk’s continued endorsement of Dogecoin to highlight the reach of meme coins. Additionally, Sun labeled DOGE as one of the “top crypto brands.”

Also Read: Whales Buy 624 Bln In SHIB & PEPE, Price Rally To Continue?

Justin Sun Bullish On Meme Coins

In addition, the Tron founder expressed his bullish outlook on meme coins. He noted that every bull cycle will have its own meme coin that will outshine others just like Shiba Inu did this time. Sun also jokingly spotlighted the limitation of animal characters to be used.

While sharing the video, Sun captured the essence of it in a short statement. He wrote, “Meme coins may seem unconventional, but they highlight the power of community in crypto. Building a successful project, meme-based or not, takes dedication. Let’s see what the next bull cycle brings!”

However, despite the bullish outlook, these meme coins have been grappling with losses lately. At press time, the Dogecoin price slumped 11.17% to $0.1235 with a market capitalization of $17.79 billion on Wednesday, May 1. Meanwhile, Shiba Inu, also referred to as the Dogecoin Killer, witnessed a 10.87% crash and traded at $0.00002094 with a market cap of $12.34 billion.

Also Read: DOGE Price Forecast: Can Dogecoin Finally Reach $0.2 On Rising Whale Interest?