Sun Token Price Increases, This is the Cause!

Bittime - Hangry Sun Token (SUN) has been on the rise in the last few days. In fact, in the last 24 hours, this token managed to rise more than 31%. Why? Check out this article, OK!

Sun Token (SUN) Price Soars Sharply

The price of Sun Token jumped more than 50% to the highest level of $0.0196 (around IDR 303) since 2022 on August 21. This increase was even 143% above SUN's lowest point this month. As a result, SUN market capitalization shot to above $182 million (around Rp. 2.8 billion).

Read also: Whales Sell Bitcoin (BTC) For 18.25 Million USD

Not to be outdone, BitTorrent (BTT) also jumped more than 25%, reaching its highest level of $0.0000010 (around Rp. 0.016) since last June. This increase was also followed by other digital assets in the Justin Sun ecosystem, such as Tron (TRX) and Just (JST), which rose by double digits.

Reasons for the Sun Token Price to Rise

This price spike cannot be separated from positive news regarding the Justin Sun crypto ecosystem. Last week, he launched the SunPump platform which has spawned many meme coins. 

Data from DefiLlama shows SunPump has accumulated more than $1.5 million (around Rp. 23.3 billion) in assets.

The success of SunPump has the potential to bring huge profits to Justin Sun. In comparison, a similar platform, Pump.fun, which pioneered the creation of meme coins, managed to generate revenues of almost $100 million (around IDR 1.55 trillion).

Tron's Dominance in the Blockchain Industry

Tron is increasingly establishing itself as one of the leading blockchains in the industry. Data shows Tron has more than 2.36 million active addresses, ahead of Ethereum (335,000) and Solana (1.23 million).

Not only that, Tron also has a stablecoin market capitalization of over $59.54 billion (around IDR 923.33 trillion). The stability that stablecoins offer makes them important instruments in global transactions. 

Read also: Memecoin Season Coming from TON Network? Here's the analysis from Mr. Satoshik

According to Tronscan data, Tron has more than 49 million stablecoin holders and recorded a trading volume of over $46 billion (around IDR 716 trillion) on August 21. Tron is even reported to have generated more than $1.05 billion (around IDR 16.3 trillion) in fees so far this year.

Ecosystem Growth

The increase in Sun Token is also inseparable from the growth of its ecosystem. This platform has a total value locked (TVL) of $750 million (around IDR 11.6 billion), the highest figure since 2022. In TRX's calculations, the TVL jumped to above $4.6 billion (around IDR 71.6 trillion).

The BitTorrent ecosystem also shows similar developments. The number of weekly BitTorrent File System (BTFS) miners rose to above 8 million. Meanwhile, total storage contracts jumped to 168 million, making BTFS one of the leading storage solutions in the blockchain industry.

Interestingly, the prices of SUN and BTT shot up when Bitcoin and other cryptos were still fluctuating. 

Bitcoin stagnated at around $59,000 (around IDR 910.5 million) in the last two weeks, while the overall market capitalization of crypto fell 2.6% to $2.19 trillion (around IDR 34.04 quadrillion). This event shows a special movement in the Justin Sun crypto ecosystem.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.