As a seasoned analyst with over two decades of experience in the crypto market, I must admit that I was initially skeptical about the hype surrounding SunPump and the Tron-based memecoins. However, the recent performance of these tokens has left me quite impressed.
The excitement around memecoins has now extended to the Tron Network following the debut of SunPum, a competitor to Pump.fun. This fresh memecoin deployment tool has been garnering attention recently as it outperformed its Solana-based equivalent on crucial indicators this week.
In the last fortnight, the platform’s outstanding achievement has boosted its associated network, TRX, and the SUN ecosystem. This growth has led to a significant rise, over 190%, in the value of SUN, which is the native token for SunPump’s DeFi protocol, within the past week.
SunPump Takes The Market By Storm
About two weeks ago, DeFi protocol SUN.io unveiled SunPump, a memecoin launcher on the Tron network designed to compete with Pump.fun on Solana. This newly launched project, endorsed heavily by Tron’s founder Justin Sun, marked the first instance of a memecoin deployment within the blockchain.
In the recent past week, my research has shown a surge in popularity for this “user-friendly and economical token issuance solution.” Initially, the crypto community expressed reservations towards the project, predicting it could potentially signal the “demise of the memecoin era.”
Nevertheless, the Tron network has experienced a revival thanks to its recent activity surge. According to Dune Analytics, SunPump has launched more than 33,330 memecoins since it was established, generating approximately 13.1 million TRX, equivalent to around $2 million, in earnings.
On Wednesday, the platform set new records across important statistics, outperforming its Solana equivalent in terms of issued tokens and daily charges. Specifically, SunPump earned approximately $585,000 in revenue by minting 7,531 tokens that day, while Pump.fun produced 6,701 tokens and collected around $366,000 in fees.
Tron-Based Tokens See Massive Surge
Some financiers are taking advantage of the recent surge in meme coin popularity by investing in newly introduced coins on the blockchain. In just a week, two tokens with animal themes have witnessed staggering gains – one token skyrocketed over 50,000%, while another saw an increase of approximately 25,000% following their launches.
Initially, SUNDOG managed to achieve a market capitalization of $60 million, making it eligible for trading on crypto exchanges Poloniex and HTX. Following this, the dog-themed token has seen significant growth and is now listed with a market cap of $322 million, currently standing at approximately $190 million.
In my current analysis, as I write this, SUNDOG stands at $0.1918 – a staggering 260% increase over the past seven days. Notably, SUN, the token of SUN.io, is also on an impressive upward trajectory, having surged by an astounding 197% this week, primarily driven by the platform’s growing momentum.
As an analyst, I’d rephrase it like this: In 2021, I introduced SUN into my portfolio, witnessing its all-time high (ATH) of $66 before a decline caused by excessive supply. Following this, the SUN token has undergone a transformation, transitioning into a multi-functional governance token within the SUN platform.
Just last week, SunPump announced its intention to deploy all earnings from the protocol towards the acquisition and destruction of SUN tokens, aiming to foster the long-term growth of the SUN ecosystem.
Additionally, Binance Futures unveiled this week the introduction of the SUNUSDT Perpetual Contract, offering up to 75 times leverage. The surge in bullish sentiment has caused SUN’s price to burst through a prolonged consolidation phase dating back several years.
Over the past four years, SUN has been fluctuating between $0.003 and $0.01. However, on Tuesday, it surpassed the resistance level of $0.15, marking a significant breakout. Since then, the token has experienced a 30.4% surge in the past day. Currently, SUN is trading at $0.031 and has a market capitalization of approximately $301 million.
Read More
Sorry. No data so far.
2024-08-24 01:35