Justin ZonTron and SunPump billionaire, have announced changes to token burning starting Tuesday (3).
According to him, the change will happen at the request of the community interacting with memecoins. So he hopes that improving the liquidity of the new meme cryptocurrencies will attract even more transactions to his platform.
Founded in August 2024, SunPump has attracted the attention of memecoin speculators and has led to Throne to be one of the 10 largest in market capitalization.
Tron Billionaire Justin Sun Announces Changes to SunPump After 70,000 New Meme Cryptocurrencies Hit the Platform
Equipping your SunPump platform with the Shiba Inu (SHIB) cryptocurrencyJustin Sun stated that he will adjust the burning of LP tokens based on community requests.
According to him, burning makes the supervisor friendly platform and improves token liquidity. Still, he admits that it becomes a harder concept to explain to those who don’t understand the concepts.
Anyway, At the request of the community, Justin Sun stated that he will begin the changes immediatelyin a statement on social media.
“Regarding the issue of revenue buybacks and burning for sunpumpmeme, the community previously suggested burning liquidity LP tokens, as this approach is used by traditional meme tokens such as SHIB.
Burning LP tokens has several advantages, including increasing the depth of token liquidity, allowing burned liquidity to still be used, and being more regulator-friendly. However, there is a downside: it is complicated to explain. Many community members do not fully understand what burning LP tokens means, which can lead to misunderstandings.
After discussion, the community agreed that a better approach would be to implement a 100% buy-and-burn process on-chain right away. This method is easier to verify because all the data about burning funds is stored on-chain, making it simple and no longer requiring explanation. Personally, I think this could be the best approach and will be implemented starting today.”
Lots of quantity, little quality
Dune data consulted by Live Coins On September 3, 2024, it turns out that SunPump has brought new cryptocurrencies to the Tron network en masse. This is because, since the platform began allowing the arrival of memecoins, In less than a month, 73 thousand new cryptocurrencies appeared.
But the sheer quantity of meme coins does not guarantee quality for speculators. On Reddit, for example, a investor revealed last Monday (2) who already made 2 memecoins but lost $150 in less than 1 hour.
“Has anyone ever made money flipping a Tron SunPump coin? I recently launched two and lost a total of about $150 in about an hour. I can see them launching themselves and forming craters. So does anyone make money flipping them and HOW?
Finally, it is unclear whether Justin Sun’s changes will return quality, but memecoins released on his platform do not guarantee quality for projects.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
