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Tron founder Justin Sun praises Shiba Inu and other meme coins, emphasizing that they highlight the power of the crypto community.
Justin Sun, the founder and CEO of Tron DAO, has commended meme-based cryptocurrencies like Shiba Inu (SHIB).
Shiba Inu Highlights Community Power in Crypto
In a post yesterday, the top crypto stakeholder said that although Shiba Inu and other meme coins may seem unconventional, they highlight community power in crypto.
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
He emphasized the importance of dedication in building successful cryptocurrencies, regardless of whether or not the project is a meme coin.
Meme Coins Distinguish Crypto from TradFi
Furthermore, Sun attached a clip from the Token 2049 Dubai Conference, where he made favorable remarks about meme coins.
Interestingly, he made special mention of Shiba Inu and others like Dogecoin (DOGE) and Floki Inu (FLOKI). According to Sun, these meme coins uniquely distinguish the crypto industry from traditional finance (TradFi).
He pointed out that even though most meme coins have already attained a valuation of $10 billion, they still would not make sense to someone who endorses traditional finance.
Nevertheless, Sun stressed that behind the $10 billion valuation lies active community participation and fair launch. While many people consider meme coins to be unconventional, Sun noted that projects like Shiba Inu are difficult to create, just like every other crypto asset.
He stressed how meme coins have evolved and attracted the attention of prominent businessmen. Notably, he cited Tesla CEO and founder Elon Musk’s endorsement of Dogecoin as a case in point.
Sun’s Bullish Outlook on Meme Coins
Furthermore, Sun recounted the bullish performance of meme coins, stating how certain assets in this category outperform others across different cycles. Per the Tron founder, Dogecoin performed well in 2014 before Shiba Inu took the market by storm in the 2021 bull cycle.
He speculated that investors would see other meme coins record significant rallies in the next bull cycles.
“Let’s see what the next bull cycle brings!” he remarked.
However, Sun jokingly pointed out that the limitation on animal characters that can be used as meme coin mascots could pose a challenge to the creation of new meme coins.
Tron Founder Bullish on Shiba Inu
Meanwhile, Sun, who was recently listed as the top beneficiary of the EIGEN airdrop, has been bullish on Shiba Inu.
Last year, the Tron founder withdrew 577 billion SHIB ($6 million) from Binance to his private wallet. At the time of writing, Sun still holds 246.22 billion SHIB in the wallet.