Tron Founder Justin Sun has triggered new sentiment around meme coin creation on the layer-1 blockchain network. Taking to his official X account, Sun announced what appears to be insurance for creators on the protocol. Tagged "the first rule of making memes on Tron," Justin Sun said he would not profit a cent from assets on the platform.
The Tron founder’s post, now going viral, also teases his plans to cover the losses of users on the network personally. While this promise sounds far-reaching, it has generated interest from the broader community. According to him, proceeds from the meme coin ecosystem will also be directed to charity rather than personal use.
Over the past few years, meme coins have redefined the growth of top blockchain protocols like Solana. The advent of BONK, dogwifhat and other meme coins have pushed the price of Solana (SOL) to a new all-time high (ATH) of $294.33. Tron has also benefited from this meme coin adoption, partly due to the promotions from Justin Sun.
The Tron founder is considered a major voice in the crypto ecosystem, with valued opinions on market trends. In a recent U.Today report, he outlined how leverage is a major Ethereum challenge that needs to be solved as soon as possible.
Under the current U.S. Securities and Exchange Commission (SEC) leadership, meme coins have been classified as assets, not considered investment contracts. This categorization is a big win for risk assets as it frees creators from registration obligations.
Overall, the meme coin market is experiencing consolidation in line with the general uncertainty in the industry. As of press time, data from CoinMarketCap pegged the combined market cap for memes at $48.38 billion, up 1.4% in 24 hours.
With Justin Sun's insurance update, the Tron ecosystem’s flagship coin is now up 7.7% in 24 hours to $0.06065.
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