Thanks to the launch of SunPump, Tron is emerging as the king of meme coins, overtaking Solana and Pump.fun.
Two crypto sectors tend to flourish in bull runs: the revival of meme coins and the rise of “apes,” aka NFTs.
Though NFTs suffered a severe blow, it has been several years since an image was sold for millions of dollars. Replacing the NFT fever means users are “aping” into meme coins.
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If anything, Solana’s rise from mid-2023 through early 2024 was marked by the expansion of meme coins on its rails.
From BOME to WIF and more, thousands were deployed every other day.
Indeed, some meme coins on Ethereum, like PEPE, benefited, but activity migrated to Solana.
Multiple factors behind this surge exist. One big one is the high scalability and ultra-low fee-spurred demand.
The fee is a big determinant. When Avalanche trialed meme coins, network activity spiked so much that the Avalanche Foundation launched a fund to drive its activity.
The same is now happening in Tron, but this time, its co-founder, Justin Sun, is behind this wave.
Tron is best known for USDT and stablecoin transfers. A large chunk of all USDT in circulation is held as TRC-20 tokens.
Since its launch, SunPump has been immensely successful in propelling network activity and generating even more fees for the 27 super validators.
SunPump Revives Meme Coin Activity On Tron
According to Lookonchain data, on August 22, SunPump, the meme coin launching pad on Tron, flipped Pump.fun on several metrics.
(DUNE)
Increasingly, more users are shifting to SunPump to launch meme coins.
In an obvious recalibration, SunPump is generating more fees, reaching 3,656,176 TRX (nearly $571,000) versus Pump.fun’s 2,575 SOL (at around $368,000).
Meanwhile, since launching, over 31,600 new tokens have been launched on SunPump.
(DUNE)
Before SunPump, Pump.fun had no stiff competitor.
It reigned supreme so much that at its peak, meme coin creators deployed at least 20,000 new tokens daily, helping the platform generate over $2 million in revenue.
SunPump is now challenging Pump.fun dominance with some new tokens posting massive success.
Sundog, the first meme coin launched on the platform, is exploding, now commanding a market cap of over $170 million. The meme coin soared after being pumped by a whale who channeled a huge $450,000 into the token.
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TRX May Register New All-Time Highs
As more tokens are launched on SunPump, the number of active addresses on Tron stood at 1.9 million on the last day alone, compared to 1.09 million on Solana.
(Source)
Increasing on-chain activity also pushed Tron’s fees to a record $3.21 million in the past day, a near 100% surge from the normal average.
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So far, TRX is at around fresh 2024 highs, soaring after breaking above February highs. The coin is also inches away from registering a new all-time high above $0.17, last printed in 2021.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
