As if the Tron meme season wasn’t crazy enough. It appears some users might have sniffed out a Huobi listing of one of the 3 largest memes on Tron in Fofar.
Yes, it appears true, but it probably wasn’t the biggest kept secret that these tokens would get listed on Huobi, considering Justin Sun is pushing all Tron meme coins hard.
He is also the owner of Huobi and the creator of the Tron blockchain. So, surprise, in an effort to push the tokens on his blockchain, he lists them on his exchange to further his own revenue. Fofar was also one of two memes he followed prior to today.
Will Fofar Crypto Break Out of Consolidation Soon?
As you can see from the chart, Fofar has been consolidating around this level for around a day while it keeps on growing in volume. It’s not surprising to consolidate a little after such a huge move up. It’s quite natural.
What’s absolutely incredible, however, is that Fofar has a market cap of only $44 million and over $10 million on-chain volume while consolidating on a completely “new chain.”
No, Tron is not a new blockchain, but no one traded memes there before the past week. Still, these coins have amassed between 6.000 to 10.000 holders and such volume amounts in such a short time. Highly bullish!
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Justin Sun – The master pumper. Can he do it again with Tron meme coins?
Tonight will be unprecedented, but the only difference is that we are ready. @sunpumpmeme
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 21, 2024
Those of us who have been here since before Tron was forked from Ethereum know how Justin Sun does his pumping and just how good he is at it.
He has a natural way of getting everyone to buy into his hype and will relentlessly announce announcements for days to weeks. By the time the announcement comes, no one cares, and the token has already been pumped to oblivion.
Furthermore the guy is one of the richest in this space. He even owns a building in Kuala Lumpur, Malaysia he calls The Exchange TRX. He is one of the most active DeFi (Decentralized Finance) farmers in the space and often has positions of well above $100 million.
So when he starts to relentlessly shill and hype something new? Don’t fade it. He alone can pump all big tokens such as Fofar to over $100-200 million without denting his net worth.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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