Memecoin mania has gripped the Tron network following the launch of Pump.fun competitor SunPum, with the new memecoin deployer making headlines this week after outperforming its Solana-based counterpart on key metrics.
The platform’s outstanding performance over the past two weeks has boosted the network, TRX, and the SUN ecosystem. As a result, SUN, the native token of the DeFi protocol behind SunPump, has surged by more than 190% in the past seven days.
SunPump takes the market by storm
Nearly two weeks ago, DeFi protocol SUN.io launched its Tron-based memecoin launcher SunPump to compete with Solana’s Pump.fun. The project was heavily promoted by Tron founder Justin Sun and became the first memecoin deployer in the blockchain.
Described as “a convenient and cost-effective token issuance solution,” Deployer has gained significant popularity over the past week. The crypto community was initially skeptical of the project, claiming it could mark the “end of the memecoin era.”
However, its recent performance has injected new vitality into the Tron network and greatly increased activity. Dune Analytics data shows that SunPump has deployed more than 33,330 memecoins since its inception, generating more than 13.1 million TRX in revenue, worth about $2 million.
On Wednesday, the platform hit new all-time highs (ATHs) in key metrics, surpassing Solana in terms of token issuance and daily fees. SunPump earned $585,000 in revenue on the day by issuing 7,531 tokens, while Pump.fun issued 6,701 tokens and generated $366,000 in fees.
Tron-based tokens surge
Some investors have taken advantage of the new memecoin craze by investing in some of the most popular tokens in blockchain. Two animal-themed tokens rose 50,000% and 25,000% respectively after launching a week ago.
At the time, SUNDOG’s market cap reached $60 million, which enabled it to be listed on cryptocurrency exchanges Poloniex and HTX. Since then, the dog-themed token has reached a market cap of $322 million and currently stands at $190 million.
As of this writing, SUNDOG is trading at $0.1918, a 260% price increase over the past seven days. Similarly, SUN.io’s native token SUN has been one of the biggest winners this week, with its price surging 197% driven by network momentum.
SUN was initially launched in 2021 and peaked at $66 before collapsing due to hyperinflation in supply. The token has since been rebranded as a multi-purpose governance token on the SUN platform.
Last week, SunPump revealed that 100% of the protocol’s revenue will be used to buy back and burn SUN tokens to “support the sustainable development of the SUN ecosystem.”
In addition, Binance Futures announced on Thursday the launch of SUNUSDT perpetual contracts with up to 75x leverage.This week, the bullish push has pushed the price of SUN out of a multi-year consolidation range.
After trading sideways in a price range of $0.003 to $0.01 for the past four years, SUN broke through the $0.15 resistance level on Tuesday. Since then, the token has continued to rise, up 30.4% in the past 24 hours. As of this writing, SUN is trading at $0.031 with a market cap of $301 million.
