- SunPump has seen significant activity; over 7,000 new memecoins were created with over 2.4 million TRX in revenue.
- This has caused mixed reactions. Some users believe TRON is genuinely a good network for launching a memecoin market, while others question the motives and legitimacy of the TRON ecosystem.
- The memecoin market is currently down about 50% from its peak of over US$70 billion in the last three months.
On August 13th, Sun.io, associated with TRON’s founder Justin Sun, introduced a new protocol called SunPump. If it sounds similar to Pump.fun, that’s because it’s intended to rival the Solana-based memecoin generator, which has recently been into some deep water.
Related: Pump.fun Shatters Revenue Records, Surpasses Next 24 Protocols Including Ethereum and Solana
Similar to Pump.fun, SunPump allows you to create your own meme coins in minutes without needing development experience.
Is the Memecoin Season Back?
The platform has been generating considerable volume and trading fees. According to data from Dune Analytics, it has registered over 2.4M in TRX, approximately US$320k (AU$479K) in revenue.
Similarly, data shows over 2,000 coins are being launched daily, reaching a top of 7,061 today.
Shortly after being launched, Sun expressed his feelings regarding TRON and its metrics over other networks, saying on X:
Memecoin platforms live and die by liquidity, and TRON’s got it in spades. USDT TRON holders are itching to ape into cooler, crazier memecoins and crypto narratives, while meme devs and traders need a spot with solid stablecoin liquidity to make moves.
Justin Sun Reactions in the crypto community were mixed. Some users credited TRON for being cheap, fast, and having plenty of liquidity in stablecoins such as USDT, making it an ideal place for memecoin trading and development.
However, other users questioned the motives behind SunPump, highlighting that the entire TRON ecosystem has always been “questionable”.
“Are we now expected to start covering scams on Tron as well? I’ve always thought the entire network seemed questionable,” said on-chain sleuth Crypto Rug Muncher on Twitter.
Related: Aussie Analysts Reveal: How to Identify Crypto Games Worth Investing In
Overall, users are wondering if SunPump will be able to rival Pump.fun and, even more, reignite the memecoin market, which, I won’t lie, looks terrible. For those who haven’t kept up with the market, it’s down roughly 50% from its heights of over US$60 billion (AU$89.7 billion) in the past three months, according to data from CoinGecko.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2Fjustin-sun-bets-on-memecoin-creator-to-compete-with-solanas-pump-fun-amid-record-fees-122840%2F