Tron (TRX) founder Justin Sun has sent ‘crypto twitter’ into a frenzy. An X post by His Excellency has sparked a rumour that China may be close to lifting its crypto ban.
China 🇨🇳 unbans crypto. What's the best meme for this?
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 18, 2024
On August 13, Sun.io, a DeFi platform linked to Sun launched ‘SunPump’. It operates similarly to PumpFun, allowing users to create meme coins on Tron in just a few clicks and without requiring any coding knowledge.
To The Sun! Pump.Fun – But On Tron?
Mr. Sun has embraced SunPump, even linking to the platform and pinning the post on his X account.
Sun wrote on Sunday (August 18), “China unbans crypto. What’s the best meme for this?” While the post has created a lot of buzz and hype online, there has been no official confirmation or substantial evidence to back it up.
The post by Sun adds further fuel to the fire. In July this year, Galaxy Digital CEO Mike Novogratz said he had heard reports that China could unban Bitcoin by late 2024.
In a now-deleted post on X, Novogratz said, “If this is true, and it’s the second time I’ve heard in weeks, it’s a huge deal.” He deleted the post after admitting more information was needed.
China Unbanning Crypto Has Become A Meme In Recent Years
🚨BREAKING: CHINA WILL UNBAN CRYPTO IN COMING DAYS FOLLOWING PRESSURE FROM PRO-CRYPTO POLICIES IN US ELECTION – SOURCES pic.twitter.com/Ss35RWtCZ3
— Blockchain Daily (@blckchaindaily) August 18, 2024
China has long had a rocky relationship with cryptocurrencies. The government first banned crypto exchanges in 2017. This was followed by a wider ban in 2021 that also included crypto trading and mining.
Weirdly, despite these bans, China continues to be a major player in Bitcoin mining and still has a large influence on the global crypto market.
It should be noted that there have been many rumours over the years about China’s unbanning crypto. This repeated cycle of speculation means that many people are sceptical and less likely to take this latest wave of rumours seriously.
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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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