TRON launches SunPump, generating $1M in just nine days as it joins the meme coin craze sparked by Solana’s Pump.fun.
The meme coin market is rapidly growing, partially driven by platforms like Pump.fun on Solana. These platforms make launching meme coins easier than ever. This has brought countless Solana memecoins to the Solana blockchain, including many celebrity meme coins.
Recently, Justin Sun’s TRON cashed in on this trend. After the launch of SunPump, the platform grew in record time, causing a significant increase in network activity.
TRON’s SunPump Rides The Memecoin Wave
TRON’s decision to copy Solana seems to be paying off. On Thursday, August 22, TRON’s SunPump platform generated over $1 million in revenue just nine days after launch. The platform saw the creation of over 7,300 tokens within 24 hours, signaling strong engagement.
The launch of SunPump had a significant impact on TRON’s overall network activity. Following the platform’s debut, TRON saw a marked increase in network revenue, reaching $3.84 million in just days after launch.
SunPump’s early success likely comes from TRON’s established infrastructure and low transaction costs. The network also has a strong presence in the Asian market, one of the strongest regions by crypto adoption.
Meme Coin Craze Drives Solana Volume
This launch comes when the meme coin market is booming, driven largely by platforms like Solana’s Pump.fun. This platform makes it easier than ever to launch memecoins. As such, it brought a whole new meme coin ecosystem into existence, including a segment of celebrity memecoins.
High-profile figures such as Iggy Azalea, Caitlyn Jenner, and others have launched their own tokens on Solana, often driving significant initial interest due to their large followings. However, these tokens have been prone to rapid declines in value, with many suffering from pump-and-dump schemes.
The average market value of these celebrity tokens dropped by a staggering 94% just a month after their launch.
Both SunPump and Pump.fun operate in the highly volatile meme coin market. Most of the tokens on both have very short-lived popularity or never launch at all.
Most of the Solana celebrity tokens lost most of their value in just a month since their launch.
The rise of SunPump on the TRON network shows that the meme coin craze is still not over. However, it also highlights the risks associated with trading meme coins, including those endorsed by major figures.
