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 on the network.
According to a Dune Analytics dashboard compiled by Hashed Official, more than 5,596 meme coins have been launched on Tron through SunPump. This activity has generated over 2 million TRX, valued at approximately $257,779.
Tron Gains Momentum With SunPump Memecoins
On August 17, Tron saw its highest single-day revenue from these meme coin launches, with over 1 million TRX (around $133,000) spent on the creation and trading of these assets.
Justin Sun believes this momentum will continue, citing 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 further noted that Tron holders are eager to invest in new, exciting meme coins, while developers and traders seek a platform with robust stablecoin liquidity. Additionally, Tron’s fast and cost-effective transactions, along with perks like native MEV protection, make it an ideal choice.
Indeed, Tron stands out as one of the most affordable networks for transactions, with a stablecoin balance surpassing 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 predicts that the blockchain will soon see a meme coin with a market capitalization exceeding $1 billion. Already, one such token, Sundog, has delivered significant 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 drawn rave reviews from the community. Additionally, concerns are growing that the memecoin craze might be nearing its 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,” Nate Geraci, president of the ETF store, stated.
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Oluwapelumi Adejumo
https://beincrypto.com/tron-sees-meme-coin-potential-with-sunpump/
2024-08-19 01:00:00
