Sun Pump, a new memecoin deployer on the Tron network, has just flipped its Solana-based predecessor, Pump.fun, in daily activity and revenue.
In an Aug. 21 X post, blockchain researcher Adam noted that revenue and the number of new tokens created on Sun Pump had closed the day higher than the comparable metrics on Pump.fun.
Citing Dune Analytics data, Adam showed that 7,351 tokens had been launched on Sun Pump, and the platform had generated $585,000 in revenue in the previous 24 hours.
Meanwhile, Pump.fun saw only 6,701 new tokens created, generating $366,000 in revenue within the same timeframe.
The recent surge in new activity comes just 12 days after the launch of the Sun Pump platform on Aug. 9. The protocol has already generated over $1.5 million in revenue and seen more than 25,000 new memecoins launched since its inception.
Several memecoins launched on Sun Pump have rallied to outsized valuations, with one trader briefly turning $1,000 into as much as $750,000 on a token called SunWukong (SUNWUKONG). Other memecoins such as SunDog (SUNDOG) have rallied to valuations as high as $270 million.
The popularity of the memecoin deployer has been a boon for the Tron network, with Tron generating a record $3.48 million in revenue over the last 24 hours, an identical figure to the $3.48 million revenue it notched the day before, according to DefiLlama data.
Alongside the new memecoin deployer, liquidity has flowed into the Tron ecosystem, mainly aided by a $10 million boost from Tron founder Justin Sun’s Meme Ecosystem Boost Incentive Program.
Stablecoin issuer Tether also minted an additional 1 billion of its Tether (USDT) tokens on the Tron blockchain on Aug. 20.
While many critics have lashed memecoins for being “destructive” to the crypto industry, Sun has maintained a bullish stance on the speculative assets, saying that the success of the memecoins “isn’t by chance.”
“When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency,” Sun wrote In an Aug. 20 X post.
SunPump's Success Fuels Tron's Revenue Surge
Justin Sun‘s Tron blockchain’s daily revenue reached a new all-time high of $3.84 million, driven by the memecoin generator SunPump.
This milestone places Tron ahead of established networks like Ethereum and Solana, which reported $1.36 million and $541,000 in daily revenue, respectively.
Market observers have linked Tron’s fee surge to the recent launch of the SunPump memecoin deployer on the network.
The memecoin deployer, similar to Solana’s PumpFun, allows users to create and launch their memecoins on the Tron network. Since its launch, SunPump has generated over 8.4 million TRX in revenue, valued at approximately $1.39 million, according to data from Dune Analytics.
Notably, the platform saw its highest revenue on Aug. 20, earning 2.78 million TRX, worth around $400,000. This peak also coincided with the launch of over 6,000 memecoins, contributing to roughly 20,883 memecoins launched to date.
Sun's Vision for Memecoins on Tron
SunPump’s success can be linked to Sun’s aggressive promotion and efforts to position Tron as a leader in the memecoin space.
The crypto entrepreneur emphasized that Tron’s robust stablecoin liquidity, primarily driven by Tether’s USDT, is a crucial advantage over other networks. He said:
“On other blockchains, a few hundred million in stablecoins can pop out billion-dollar meme coins. Tron’s got $60 billion+, so we could see dozens of billion-dollar meme coins. Sounds wild, but numbers don’t lie. Don’t fight the data.”
DeFillama data shows that Tron has the second-largest stablecoin supply of nearly $60 billion, which accounts for 35% of the total market.
Early Investors Reap Rewards
Meanwhile, blockchain data shows that early investors in some of the memecoins on the Tron blockchain are beginning to make substantial profits from the hype in the sector.
Blockchain analytical firm Arkham Intelligence reported that one trader gained $20 million in unrealized profits within six days of purchasing 104.33 million SUNDOG tokens for $1,690. The trader has sold $1.08 million worth of SUNDOG but still holds tokens valued at $19.52 million across seven addresses.
Further, CryptoSlate’s top gainers list for Aug. 21 shows that SUNDOG and its variations rank among the top-performing digital assets during the last 24 hours.
The Future of Memecoins on Tron
The success of SunPump and its impact on Tron's revenue highlights the growing influence of memecoins in the crypto space. While some criticize their speculative nature, others see them as a catalyst for innovation and community building. It remains to be seen how the memecoin phenomenon will unfold on Tron, but the early signs are encouraging for those who are bullish on the platform's future.
Key Takeaways
- Tron's daily revenue surged to a new all-time high of $3.84 million, driven by the memecoin generator SunPump.
- SunPump has generated over 8.4 million TRX in revenue since its launch, surpassing its Solana-based counterpart, PumpFun.
- Tron's robust stablecoin liquidity, particularly from Tether's USDT, is seen as a key advantage for the memecoin ecosystem.
- Early investors in memecoins on the Tron blockchain are already realizing substantial profits.
The Verdict
The meteoric rise of Tron's memecoin ecosystem, spearheaded by SunPump, signifies a significant shift in the crypto landscape. Tron's unique position as a hub for memecoin innovation, combined with its substantial stablecoin liquidity, could propel the platform to even greater heights. However, it's crucial to remember that the memecoin market is inherently volatile, and investors should proceed with caution.
