Battle-tested blockchain network Tron (TRX), once the largest smart contract platform besides Ethereum (ETH), sees new life being injected into its activity metrics. The meme coin community is migrating toward Tron (TRX) from other popular blockchains.
Tron (TRX) network activity rocketing as Justin Sun fuels new meme coin mania
Tron (TRX) blockchain sees an unmatched upsurge in trading volume, the net number of on-chain accounts, the number of active wallets and other crucial metrics. These processes mirror the surprising episode of meme coin mania happening on Tron (TRX) this August.
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— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 13, 2024
Two weeks ago, H.E. Justin Sun, founder of Tron (TRX) and owner of BitTorrent, announced the launch of Sun Pump, a Tron-based rival of overhyped meme coin launcher Pump.fun. Just like Solana’s Pump.fun, Sun Pump is designed to allow individuals to launch new meme coins in a low-code manner.
Via launchers of this type, enthusiasts are able to deploy novel tokens, inject initial liquidity and start trading. As such, when interest in meme coins surges, such platforms receive stunning attention from the community.
In just two weeks after launch, Sun Pump gained excellent traction and logged a number of major accomplishments. First and foremost, it surpassed Pump.fun by the amount of fees generated. Citing Dune Analytics data, the Tron-based platform earned 13,118,509 TRX from the meme coin launch, which is roughly equal to $2.1 million based on current prices.
Tron (TRX) meme coins from Sun Pump siphoned liquidity from majors
In total, its audience managed to launch a whopping 32,600 meme cryptocurrencies; the numbers are soaring day by day. On Aug. 21, 2024, which was a record-breaking day for the platform, over 7,500 meme coins were created in 24 hours.
Some tokens of the Sun Pump ecosystem have gained notable traction in recent days. For instance, Sun Dog (SUNDOG), the largest asset of this cohort, exceeded a $200 million market capitalization and jumped into the top 250 cryptocurrencies by market cap.
FoFar (FOFAR) and SunWuKong (SUNWUKONG) assets exceeded $10 million in capitalization, while SUNCAT, CSUN and MWD meme coins are surging in seven-digit waters. A number of “alpha wallets” managed to demonstrate decent PnL trading meme coins incubated by Sun Pump. You can use non-custodial exchanges to step into the world of Tron meme coins.
As covered by U.Today previously, this activity is in contrast to the apathy that has predominated crypto markets over the past 24 hours.
While SunWuKong (SUNWUKONG) and Tron Cat (TCAT) are demonstrating double-digit gains, their major rivals are in red. Floki Inu (FLOKI) and Dogwifhat (WIF) are losing value today, while SHIB, DOGE and BONK are only adding 1-2%.
TRX price adds 20% in seven days
Such an impressive activity spike also affected the price of Tronics (TRX), which is a core native cryptocurrency of the Tron (TRX) ecosystem. In the last seven days, TRX’s price jumped from $0.131 to $0.158, adding almost 20%.
The local high for the TRX price was registered on Aug. 21, 2024, at over $0.1655. The asset replaced Cardano (ADA) as the 10th largest cryptocurrency by market capitalization amid the pale performance of other majors.
Wrapping up, the meme coin mania fueled by Justin Sun’s personal influence has already triggered a major inflow of liquidity and new audience that Tron (TRX) blockchain has not seen in years. Traders can use SimpleSwap to step into the world of Tron (TRX) meme coins and follow the most powerful trend in the altcoin segment right now.
