Sun Token (SUN), the cryptocurrency from the TRON network, has surged over 220% in a month. The impressive spike began after TRON founder Justin Sun tweeted on August 13 about the launch of SunPump, sending SUN’s price to a high of $0.043.
Launched more than four years ago, SUN Token was originally designed as a Bitcoin alternative. However, after a major crash in 2021 due to excessive supply, the token shifted focus to decentralized finance (DeFi) on the Justwap and Justlend platforms. Now, with new use cases, SUN aims for a $1 billion market cap.
Justin Sun is driving this surge with strategies that include leveraging meme coins and adjusting network fees. His new SunPump feature has quickly outperformed its rival, Solana-based Pump.fun, in terms of tokens launched and daily revenue.
Recently, SUN has broken out of a consolidation phase and is trending upwards, supported by rising EMA lines. However, large bullish candlesticks suggest the token might face a short-term pause or correction.
The current price of Sun (New) is $0.03275, with a 24-hour trading volume of $176 million. The token is up 4.74% in the last 24 hours, and its market cap has increased by 4.74% to $325.72 million.
If SUN’s price drops to around $0.03000, it could be a buying opportunity before another potential rise. On the other hand, if it fails to hold this level, it could fall to around $0.01314. If momentum continues, SUN could reach $0.05000.
Recently, Justin Sun responded to critics making negative statements about the SUN token through a post on his account. He challenged these individuals by offering to buy all their SUN tokens at a price of $0.03.
Sun Token’s surge reflects strong market enthusiasm and renewed interest in its DeFi applications. With its shift in focus and new use cases, SUN appears well-positioned for future growth.
