Tron is hell-bent on dethroning Solana from the reign of memecoins

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By TP

Key facts: Tron's founder has been optimistic about the development of memecoins on this network. More than 1.8 million memecoins have been developed on Solana by 2024. SunPump, the main memecoin creation and trading platform on the Tron network, surpassed its Solana ecosystem-based peer, pump.fun, in daily revenue and token generation on Wednesday. This new Tron development, launched on August 14, was created with the aim of positioning the network as the leading platform for creating and trading memecoins on the Tron network. This network as an enabling environment for these meme cryptocurrenciesassets that are usually tributes to a pet, celebrity or political figure. They are generally used for financial speculation as they are exposed to large price fluctuations. These assets have been very popular in the market so far in 2024 and that is where SunPump's meteoric growth in one week is explained. According to data from Dune Analytics, on August 21, 2024, 7,351 tokens were created on the platform generating revenue of 3.65 million TRXthe native cryptocurrency of the Tron network. That is, a figure that is around 567,000 dollars. At the time of publication of this note, a total of 27,009 tokens were created on this platform, which generated income of more than 11 million TRX, equivalent to 1,721 million dollars.

Tokens generated on SunPump since its launch on August 14. Source: Dune Analytics. On pump.fun, 6,701 new tokens were created that same day, worth 2,575 solana (SOL), valued at $366,481.

SunPump and pump.fun platform performance on August 21, 2024. Source: Dune Analytics. As BitcoinDynamic already reported, Tron founder Justin Sun has expressed his optimism about the development of memecoins on this network. “The sun shines in the meme season,” was the welcome message he posted on his personal X account. On his website, it is highlighted that SunPump It is a safe, easy and low-cost platform for developers to generate their own meme cryptocurrencies.. In the future, the promise is to increase user participation by facilitating the process of buying and selling these assets. It is worth noting that to create a token on SunPump, the person must pay a fee of 20 TRX ($3.11) and an additional 3,000 TRX ($465.89) are required for liquidity provision once the bonding curve is completed, the mechanism used by this platform. Among the memecoins listed in this environment, SunDog (SUNDOG) stands out, whose icon is a dog and which, at the time of publication of this note, has a market capitalization of 212 million dollars. Since the appearance of SunPump, the TRX price rose by 18% in seven days and, in addition, displaced Cardano (ADA) ranks tenth among cryptocurrencies with the largest market capitalization. Its price is 0.15586.

TRX price year-to-date. Source: TradingView.

Pump.fun on the verge of surpassing $100 million

The Solana network platform, for its part, facilitated the generation of more than 1.8 million memecoins so far in 2024. In addition, it earned revenues of 648,178 SOL, around 92,617 million dollars.

Tokens created on pump.fun since its launch. Source: Dune Analytics. Pump.fun is characterized by providing a simple and intuitive interface so that users can create their tokens easily, with only 2 dollars. In addition, they can promote it within the community and other social networks.