Memecoin craze has taken over the Tron community following the launch of Pump.enjoyable competitor SunPum. The brand new memecoin deployer made headlines this week after surpassing comparable Solana-based deployers on key metrics.
The platform’s stellar efficiency over the previous two weeks has pushed progress throughout the community, TRX and SUN ecosystems. Consequently, SUN, the native token of the DeFi protocol behind SunPump, has soared by greater than 190% previously seven days.
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SunPump takes the market by storm
About two weeks in the past, DeFi protocol SUN.io launched SunPump, a Tron-based memecoin launcher that competes with Solana’s Pump.enjoyable. The venture was strongly promoted by Justin Solar, the founding father of TRON, turning into the primary meme coin deployer on the blockchain.
Described as a “handy and cost-effective token issuance answer,” the deployment program has gained important recognition over the previous week. The crypto neighborhood was initially skeptical of the venture, claiming it might mark the “finish of the memecoin period.”
Nonetheless, its current efficiency has introduced new power to the Tron community, considerably boosting exercise. Dune Analytics knowledge reveals that SunPump has deployed greater than 33,330 meme cash since its creation, producing greater than 13.1 million TRX, price roughly $2 million.
On Wednesday, the platform reached a brand new all-time excessive (ATH) on key metrics, surpassing its Solana friends by way of tokens issued and each day charges. SunPump earned $585,000 that day by creating 7,531 tokens, whereas Pump.enjoyable issued 6,701 tokens and incurred $366,000 in charges.
Tron-based tokens see huge progress
Some buyers are capitalizing on the brand new meme coin craze with a few of the hottest cash launched within the blockchain. Every week in the past, two animal-themed tokens rose by greater than 50,000% and 25,000% respectively after being launched.
On the time, SUNDOG had a market capitalization of $60 million, which allowed it to be listed on cryptocurrency exchanges Poloniex and HTX. The dog-themed token has since reached a market capitalization of $322 million and presently stands at $190 million.
On the time of writing, SUNDOG is buying and selling at $0.1918, with a value improve of 260% over the previous seven days. Likewise, SUN.io’s native token SUN was one of many week’s greatest winners, surging 197% on the again of on-line momentum.
SUN initially launched in 2021, reaching an ATH of $66 earlier than collapsing as a consequence of provide hyperinflation. The token has since been renamed as a multi-purpose governance token on the SUN platform.
Final week, SunPump revealed that 100% of the protocol’s income will probably be used to purchase again and destroy SUN tokens to “help the sustainable growth of the SUN ecosystem.”
As well as, the Binance Futures buying and selling platform introduced on Thursday the launch of the SUNUSDT perpetual contract with a leverage of as much as 75 occasions. This week, bullish push has pushed SUN’s value out of a multi-year consolidation vary.
SUN has traded sideways in a value vary of $0.003 to $0.01 over the previous 4 years, breaking above resistance at $0.15 on Tuesday. The coin has since continued to rise, gaining 30.4% previously 24 hours. As of this writing, SUN is buying and selling at $0.031, with a market capitalization of $301 million.
Featured picture from Unsplash.com, chart from TradingView.com
