Tron, the blockchain founded by Justin Sun, is tapping into the meme coin craze with the launch of Sunpump, a platform dedicated to creating these tokens on its network.
According to data from the Dune Analytics dashboard by HashedOfficials, more than 5,596 meme coins have been minted on Tron through Sunpump, generating over 2 million TRX, which is roughly $257,779.
Tron’s Sunpump Leads the Meme Coin Market
On August 17th, Tron experienced a surge in daily profits, largely attributed to the rise of meme coins on its platform. Over 1 million TRX, equivalent to around $133,000, was utilized in creating and trading these meme tokens.
Justin Sun is optimistic about the future of meme coins on Tron, citing the platform’s competitive edge over other blockchain networks.
Advantages of Tron for Meme Coins
Furthermore, Sun highlighted that Tron’s robust stablecoin liquidity, fast and low-cost transactions, and built-in MEV protection make it a top choice for meme coin enthusiasts, developers, and traders alike. Tron boasts a substantial stablecoin supply, standing at approximately $60 billion, only trailing behind Ethereum’s $82 billion.
Sun predicts a bright future for meme coins on Tron, with the potential for tokens to reach a market cap exceeding $1 billion. Notably, Sundog, one of the tokens launched on Tron, has already delivered substantial returns for early investors.
The Future of Meme Coins and Tron’s Competition
Despite Tron’s success with Sunpump, competition from platforms like PumpFun and Solana’s memecoin launchpad poses a challenge. Moreover, there are growing concerns that the meme coin frenzy may be waning as mainstream institutional money flows into the cryptocurrency space.
“The reason Memcoin traders are suffering is that real ‘Wall Street’ money is moving to cryptocurrencies. Scams, celebrity coins, etc. will no longer work. The garbage is quickly filtered out and exposed to the public. In the long run, this will be a positive development for cryptocurrency adoption.”
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