Tron-Based SUN Token Skyrockets 197% As SunPump’s Momentum Continues
24 August 2024 - 8:30AM
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The memecoin frenzy has reached the Tron Network after the launch
of Pump.fun’s rival, SunPum. The new memecoin deployer has been
making the headlines after surpassing its Solana-based counterpart
on key metrics this week. The platform’s remarkable performance in
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 over 190% in the last seven days.
Related Reading: Trump-Inspired Memecoins Soar 40% Amid Rumors Of
Endorsement By RFK Jr. SunPump Takes The Market By Storm Nearly two
weeks ago, DeFi protocol SUN.io introduced SunPump, a Tron-based
memecoin launcher to rival Solana’s Pump.fun. The project, which
has been heavily promoted by Tron’s founder Justin Sun, became the
first memecoin deployer in the blockchain. Presented as a
“convenient and cost-effective token issuance solution,” the
deployer has gained significant popularity in the past week. The
crypto community was first skeptical about the project, claiming it
likely marked “the end of the memecoin era.” However, its recent
performance has brought new life to the Tron network, significantly
boosting activity. Dune Analytics data shows that SunPump has
deployed over 33,330 memecoins since its creation, generating over
13.1 million TRX, worth around $2 million, in revenue. On
Wednesday, the platform reached an all-time high (ATH) on key
metrics, surpassing its Solana counterpart in issued tokens and
daily fees. SunPump made $585,000 in revenue on that day from
creating 7,531 tokens, while Pump.fun launched 6,701 and generated
$366,000 in fees. Tron-Based Tokens See Massive Surge Some
investors have capitalized on the new memecoin frenzy with some of
the most popular tokens launched in the blockchain. A week ago, two
animal-themed tokens saw increases of over 50,000% and 25,000%
after launching. At the time, SUNDOG reached a market
capitalization of $60 million, which granted it to be listed on
crypto exchanges Poloniex and HTX. Since then, the dog-themed token
has reached a market cap of $322 million, currently at $190
million. As of this writing, SUNDOG is trading at $0.1918, a 260%
price increase in the last seven days. Similarly, SUN, the native
token of SUN.io, is among the largest winners of the week, with a
197% surge propelled by the network’s momentum. SUN was originally
launched in 2021 and reached an ATH of $66 before crashing due to
supply hyperinflation. Since then, the token has been redenominated
as a multifunctional governance token on the SUN platform. Last
week, SunPump revealed that 100% of the protocol’s revenue would be
used to buy back and burn SUN tokens to “support the sustainable
development of the SUN ecosystem.” Related Reading: Investors
Buying Bitcoin (BTC) Over Ethereum (ETH): Key Data Reveals
Moreover, Binance Futures announced on Thursday the launch of the
SUNUSDT Perpetual Contract with up to 75x leverage. This week, the
bullish push has made SUN’s price break out of a multi-year
consolidation range. After moving sideways within the $0.003-$0.01
price range for the past four years, SUN broke above the $0.15
resistance level on Tuesday. Since then, the token has continued
its bullish rally with a 30.4% increase in the last 24 hours. As of
this writing, SUN is trading at $0.031 with a market capitalization
of $301 million. Featured Image from Unsplash.com, Chart from
TradingView.com
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