Tron, the blockchain founded by Justin Sun, is embracing the memecoin trend with the launch of SunPump, a platform dedicated to creating these tokens on the network.
SunPump has witnessed a surge in activity, with over 5,596 meme coins launched on Tron, generating over 2 million TRX (approximately £180,000) in value. The platform experienced its highest single-day revenue on 17 August, with over 1 million TRX (£80,000) spent on meme coin creation and trading.
Justin Sun believes this momentum will continue, citing Tron's competitive advantages: "Tron's biggest strength is its £48 billion in TRON USDT. No other blockchain protocol has a liquidity pool this large. Memecoins thrive on liquidity, and Tron has it in abundance," he stated.
He also highlighted Tron holders' eagerness to invest in new memecoins, developers and traders seeking a platform with robust stablecoin liquidity, and the network's fast and cost-effective transactions with native MEV protection.
Indeed, Tron boasts one of the most affordable networks for transactions, with a stablecoin balance exceeding most rivals. Data from DeFiLlama shows Tron has the second-largest stablecoin supply, valued at nearly £48 billion, trailing only Ethereum's £66 billion.
Based on these factors, Sun predicts that Tron will soon see a memecoin with a market cap exceeding £800 million. Sundog, a memecoin already launched on the platform, has seen significant returns for early investors.
However, SunPump faces competition from rival memecoin launchpads, such as Solana's PumpFun, which has garnered positive feedback from the community. Concerns are also emerging about the memecoin craze potentially reaching its peak.
"Reason memecoin traders [are] getting destroyed is because real 'Wall St' money now moving into crypto. Scams, celebrity coins, etc simply aren't going to fly anymore. Garbage sniffed out (& publicly called out) quickly. That's a good thing for crypto adoption in the long term," Nate Geraci, president of the ETF store, stated.
Despite the challenges, Tron remains optimistic about SunPump's potential to foster a vibrant memecoin ecosystem. The platform's robust infrastructure, combined with the growing interest in memecoins, could lead to significant growth in the coming months.
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