Memecoin Takes the Wind Behind It: Tron (TRX) Has Bullish Potential in the Medium Term
According to the cryptocurrency analysis platform Santiment, Tron (TRX) has a great bullish potential in the medium term. This may also mean that volatility may be experienced in the short term.
The Tron ecosystem, founded by Justin Sun, has become active with the SunPump platform, which was launched in the middle of this month.
SunPump, which allows users to easily produce their own memecoins, was used for the production of more than 26 thousand tokens in less than two weeks, according to Dune data, and generated approximately 11 million TRX.
Emphasizing its potential in the medium term
According to Santiment's post, activities on the Tron network have increased along with the activity in the memecoin field. This causes an increase in TRX burns, indicating that demand for the token has increased and supply has decreased.
With the opening of the new platform, Tron has begun to become a memecoin center where memecoins such as SUNDOG attract attention. According to Santiment, the Tron ecosystem’s memecoin transactions could lead to a price increase.
The Santiment team also believes that the Justin Sun effect should not be underestimated. “Justin Sun’s involvement in the project and his reputation gives Tron credibility,” Santiment said, adding, “Investors are optimistic about Sun’s ability to overcome challenges and continue Tron’s growth.”
The SunPump platform has also been launched with direct support from Justin Sun. Sun said on Tuesday that SunPump was experiencing “unprecedented traffic.”
