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- Justin Sun highlighted the importance of meme coins in distinguishing the crypto industry from traditional finance and urged further development of such projects.
- He underscored the significant market valuations exceeding $10 billion for top meme coins, attributing their success to factors like fair launches and community engagement.
Tron DAO founder and CEO Justin Sun expressed his support for meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) during the Token 2049 conference. Sun emphasized the significance of meme coins in distinguishing the crypto industry from traditional finance and encouraged the development of such projects.
Taking to X, Sun shared a clip from the Token 2049 Dubai conference where he praised meme coins, particularly those featuring animal logos like Shiba Inu and Floki. He highlighted the remarkable market valuations exceeding $10 billion for some of the top meme coins, attributing this success to factors such as fair launches and community engagement, which are fundamental to the crypto space.
Sun emphasized the challenges involved in launching a successful meme coin, likening it to creating a high-quality crypto project. He pointed to Elon Musk’s ongoing support for Dogecoin as evidence of meme coins’ reach and referred to DOGE as one of the leading brands in the crypto sphere.
In his post alongside the video, Sun encapsulated its essence succinctly. He remarked, “Meme coins, though unconventional, showcase the strength of community in crypto. Whether meme-based or not, building a successful project requires dedication. Let’s anticipate what the next bull cycle holds!”
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! 👀 pic.twitter.com/S40tXLhSO3
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2024
US Hedge Funds Seeking Exposure to Meme coins
The massive returns of meme coins are proving irresistible to the US hedge fund industry.
When Dogwifhat surged to prominence in the crypto sphere last December, Stratos, based in Newport Beach, California, seized the opportunity by launching a liquid fund that included the token. With its mascot being a dog sporting a beanie, Dogwifhat saw its price soar by over 300 times, contributing to the fund’s impressive 137% return in the first quarter. This return was more than double the gains observed across the broader crypto market.
Stratos, boasting limited partners such as venture capitalists Marc Andreessen and Chris Dixon, is not alone in its foray into meme coins. Macro heavyweight Brevan Howard has reportedly made a “tiny” investment in the sector, as per an individual familiar with the matter.
Meanwhile, Pantera Capital, a crypto fund, has affirmed the staying power of meme coins, asserting that meme coin trading presents significant opportunities. Memecoins are currently dominating trading volume on decentralized exchanges, according to Dex Screener. The collective market value of memecoins has surged to approximately over $5o billion. Cosmo Jiang, a portfolio manager at Pantera said:
Meme coins initially started as clearly a joke. But over time they’ve evolved as much more than that. People have started to call some memecoins as culture coins, they are a membership into a culture or a group of people with a shared believe system.
Crypto News Flash has recently published a guide about the memecoins investors can consider for the next leg of the rally.