Tron Gains Momentum With SunPump Memecoins

Tron, the blockchain founded by Justin Sun, is now embracing the meme coin trend with the launch of SunPump, a platform designed to create these tokens

Tron, spearheaded by Justin Sun, is venturing into the realm of meme coins with the launch of SunPump, a platform designed to facilitate the creation of these tokens on the Tron network.

As per a Dune Analytics dashboard curated by Hashed Official, over 5,596 meme coins have been launched on Tron through SunPump. This activity has generated more than 2 million TRX, which is valued at approximately $257,779.

Tron's SunPump Memecoins Gain Momentum

On August 17, Tron witnessed its highest single-day revenue from these meme coin launches, with over 1 million TRX (around $133,000) being spent on the creation and trading of these assets.

According to Justin Sun, this momentum is set to continue, owing to Tron's significant advantages over competing networks.

"Tron's biggest strength is its $60 billion in TRON USDT. No other blockchain protocol has a liquidity pool this large. Memecoins thrive on liquidity, and Tron has it in abundance," Sun stated.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

He went on to highlight that Tron holders are eager to invest in new and exciting meme coins, while developers and traders seek a platform with robust stablecoin liquidity. Furthermore, Tron's fast and cost-effective transactions, coupled with perks like native MEV protection, make it an ideal choice.

Indeed, Tron stands out as one of the most affordable networks for transactions, while also boasting a stablecoin balance that surpasses most competitors. Data from DeFiLlama shows that Tron has the second-largest stablecoin supply, with assets valued at nearly $60 billion, trailing only Ethereum's $82 billion.

Given these factors, Sun anticipates that the blockchain will soon witness a meme coin with a market capitalization exceeding $1 billion. Already, one such token, Sundog, has delivered substantial returns to early investors.

Read more: What Are Meme Coins?

However, Tron's SunPump faces stiff competition from rivals like Solana's memecoin launchpad, PumpFun, which has garnered positive feedback from the community. Additionally, there are growing concerns that the memecoin hype might be coming to an end.

"Reason memecoin traders [are] getting destroyed is because real ‘Wall St’ money now moving into crypto. Scams, celebrity coins, etc simply aren’t going to fly anymore. Garbage sniffed out (& publicly called out) quickly. That's a good thing for crypto adoption in the long term," stated Nate Geraci, president of the ETF store.

The above is the detailed content of Tron Gains Momentum With SunPump Memecoins. For more information, please follow other related articles on the PHP Chinese website!