Tron’s Justin Sun Just Bought $41 Million in Ethereum — Did He Buy This ERC-20 Memecoin Too?
The post Tron’s Justin Sun Just Bought $41 Million in Ethereum — Did He Buy This ERC-20 Memecoin Too? appeared first on Coinpedia Fintech News
While Solana ($SOL) may have stolen the spotlight earlier in this bull market, attention is rapidly refocusing on Ethereum ($ETH) and its ecosystem. It will be the technological bet for institutional investors this cycle, and judging by Bitcoin’s ($BTC) ETF inflows, the $ETH ETF will be a major financial event.
But still the age old question of what crypto to buy remains. Tron’s ($TRX) Justin Sun buys $41 million in Ethereum. No surprise here. Sun has always loved $ETH, but is he buying this ERC-20 memecoin also? A massive surge in presale funding has sparked rumours, and it appears that Justin Sun may have waded into the Galaxy Fox ($GFOX) ICO.
Galaxy Fox is a new ERC-20 token just days away from its retail launch. It is deploying a hybrid model, and investors, potentially even players like Justin Sun, are interested in how it blends a classic memecoin build with a DeFi ecosystem and play-to-earn game.
Memecoins are a winning market segment this cycle. Galaxy Fox’s viral aesthetic, branding, and tokenomics model build on the genre’s classic tropes with a few noteworthy improvements. P2E games are enjoying a revitalization, and Galaxy Fox’s endless runner is no exception. Gaming skills equate to cash in this ecosystem, and this is a global competition.
Its presale funding has put $GFOX on the the map as a top crypto to invest in this cycle after its total raised shot past $3.6 million in several weeks. Building early momentum is vital for ICOs, and those who establish themselves as frontrunners will enjoy a massive surge later this year when liquidity starts to spill over into DeFi. Post $ETH ETF, the wealth effect on-chain will be wild, and expect another DeFi Summer native on Ethereum.
Galaxy Fox’s memecoin tokenomics model are brilliant, and it takes the typical deflationary angle and supercharges it. As well as a token burn, Galaxy Fox takes a broad, no-net inflationary approach. Staking rewards are a prominent ecosystem feature but are specially funded via the taxation system. This novelty allows $GFOX holders to earn yield on a deflationary asset. And post-launch, the total supply of $GFOX will constantly decline. What crypto to buy? $GFOX presents itself as a killer option.
Could Justin Sun Be Buying $GFOX?
Justin Sun has always been a massive $ETH bull. This is no secret; many of his on-chain wallets have been on a massive spree. His most recent purchase of 17,370 $ETH brings his total to nearly $487 million in the last two weeks. Why has Sun been aggressively purchasing $ETH? It’s likely a bet on the looming ETF.
If Justin Sun is doubling down on Ethereum, why would he not be exploring options within the ecosystem? Sun has already proven his appetite for memecoins, launching the Coconut Chicken Coin ($CCC) on his Tron network. He has repeatedly bought assets outside the top ten cryptocurrencies, and Sun is passionate about asymmetrical bets. The rapid rise in $GFOX funding suggests that this enormous whale may have already participated.
Large investors bidding $ETH aggressively means that they have high confidence the ETF will be approved. This event unlocks the eternal TWAP from TradFi and boomers. $ETH’s deflationary angle is going to shine in the coming months. The clear answer for what crypto to buy now is any ERC-20 token.
Galaxy Fox is leading among its competition, has dual narrative support, and is a growth bomb waiting to explode. Join today and become an early adopter before its retail launch!
Learn more about $GFOX here: