Justin Sun's Memecoin Sundog Rise Triggers 12% Surge for Tron's TRX

Justin Sun's memecoin Sundog has gained massive attention hitting a market value of over $200 million indicating a massive early success.

input: Justin Sun, the co-founder of Tron, announced that the network will be increasing the energy limit today. This move is expected to significantly reduce energy costs and transaction fees on the Tron Network.

The announcement comes amid a recent surge in Tron Network activity, which has been fueled by the success of the SunPump memecoin. This development has led to an energy shortage on the Tron Network.

In a statement on Tuesday, Sun said that he has notified the Tron Super Representatives about the situation and they have responded positively. They are expected to propose raising the energy limit today.

“Due to the recent TRON network activity surge, an energy shortage arose. I informed the Super Representatives, who responded positively. They are expected to propose raising the energy limit today, significantly reducing energy cost and fees,” Sun stated.

The Tron co-founder also highlighted the increasing activity on the Tron Network, which is largely attributed to the SunPump memecoin.

“SunPump is heating up the TRON Network. Tonight will be unprecedented, but the only difference is that we are ready,” Sun added.

Tron’s native cryptocurrency TRX has also benefited from the SunPump hype, surging by 12% in the last 24 hours, trading at $0.1644. During this period, TRX’s daily trading volume surged by a massive 140%.

Meanwhile, according to data from LookonChain, the Tron Network’s daily revenue hit a new all-time high of $3.84 million amid the SunPump hype.

After the launch of #SunPump, the 24-hour revenue on #TronNetwork hit a new all-time high of $3.84M! pic.twitter.com/IXs0fIhndV

On the other hand, the memecoin platform itself has clocked more than $1.1 million in revenue in just 11 days of launch.

On Tuesday, August 20, the platform generated revenue of 2.78 million TRX, which is roughly valued at $400,000. During this period, more than 6000 memecoins were created on the platform.

Tron’s Push to Eat Into Solana’s Memecoin Market Share in 2024

The year 2024 has been very fruitful for the entire memecoin industry, with Solana-based memecoins leading the show. Now, the launch of the SunPump platform on Tron comes at just the right time to capitalize on this momentum.

However, it seems that Tron is gearing up to eat into Solana’s market share, which is exactly what Solana did with Ethereum.

While the Tron-based SUNDOG memecoin made rapid advances, the Solana-based memecoins like Dogwifhat (WIF) and BONK faced strong selling pressure.

On the weekly time frame, both WIF and BONK are down by 8-9%.output:

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