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Meme coin fever has reached the Tron network following the launch of Pump.fun competitor SunPum. The new meme coin publishing platform has made headlines after outperforming its Solana-based counterpart on key metrics this week.
The platform’s stellar performance over the past two weeks has propelled the network, TRX, and the SUN ecosystem. As a result, SUN, the native token of the DeFi protocol behind SunPump, has surged in value by over 190% in the past seven days.
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SunPump is taking the market by storm
About two weeks ago, DeFi protocol SUN.io introduced SunPump, a Tron-based memecoin launcher to rival Solana. pump.funThe project, which was widely promoted by Tron founder Justin Sun, became the first to deploy memecoin on the blockchain.
The coin has gained significant popularity in the past week, after being presented as a “convenient and cost-effective solution for issuing tokens.” The cryptocurrency community was initially skeptical about the project, claiming that it would likely mark the “end of the memecoin era.”
However, its recent performance has brought new life to the Tron network, in a big way. Enhance Dune Analytics data shows that SunPump has deployed over 33,330 memecoins since its inception, generating over 13.1 million TRX, worth around $2 million, in revenue.
On Wednesday, the platform was opened. receipt SunPump hit an all-time high (ATH) on key metrics, surpassing peer Solana in tokens issued and daily fees. SunPump generated $585,000 in revenue that day from creating 7,531 tokens, while Pump.fun launched 6,701 and generated $366,000 in fees.
Tron-Based Tokens See Massive Rise
Some investors have written in capital letters Amidst the new memecoin craze with some of the most popular tokens launching on the blockchain. A week ago, two animal-themed tokens saw increases of over 50,000% and 25,000% after launch.
At the time, SUNDOG’s market cap reached $60 million, which allowed it to be listed on the Poloniex and HTX cryptocurrency exchanges. Since then, the dog-shaped token has reached a value of $322 million, and is currently worth $190 million.
As of the time of writing, SUNDOG is trading at $0.1918, up 260% in price over the past seven days. Similarly, SUN, the native token of SUN.io, is among the Biggest Winners This week, with a 197% increase driven by the momentum the network has gained.
SUN was originally launched in 2021 and reached an all-time high of $66 before collapsing due to over-supply. The token has since been rebranded as a multi-functional 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.”
Moreover, Binance Futures Advertise The SUNUSDT perpetual contract was launched on Thursday with up to 75x leverage. This week, the bullish momentum has seen SUN price break out of its multi-year consolidation range.
After moving sideways within a price range of $0.003 to $0.01 over the past four years, SUN broke through the $0.15 resistance level on Tuesday. Since then, the token has continued its bullish rally, gaining 30.4% in the last 24 hours. As of this writing, SUN is trading at $0.031 with a market cap of $301 million.
Featured image from Unsplash.com, chart from TradingView.com
