SunPump Boosts Tron’s Daily Earnings Above Ethereum
Justin Sun’s Tron network has surpassed Ethereum in daily revenue, driven by the recent surge in memecoin enthusiasm through the SunPump launchpad.
DefiLlama data reveals that the Tron blockchain generated more than $3.8 million in revenue within a 24-hour period, setting a new record for daily fees as investors flocked to participate in the memecoin trend that swept through the TRX ecosystem.
In the realm of cryptocurrency, metas represent emerging storylines that may or may not have lasting power. Memecoins have been a prominent trend in various decentralized finance ecosystems this year, including Ethereum and Solana.
The frenzy surrounding Tron’s memecoin market kicked off less than two weeks ago with the launch of SunPump on August 9, marking the platform as the first meme fair launchpad based on TRX. Initially, there was moderate activity, with developers introducing 200-300 tokens daily, predominantly traded on the decentralized exchange Sunswap.
By August 20, interest in SunPump had skyrocketed, leading to the creation of over 6,000 memecoins in a single day. A Dune Analytics dashboard by Venture Capital firm Hashed highlighted the existence of at least 20,504 TRX-based memecoins by August 21.
The most successful launch on Sunswap, known as Sundog (SUNDOG), reached a peak market capitalization of $260 million. As the meme frenzy solidified, Sunswap’s native tokens SUN and TRX experienced price surges. While TRX saw a 23.8% increase in the past week, SUN outperformed with a remarkable 101.7% surge, overshadowing Justin Sun’s flagship digital currency.
Tron’s substantial liquidity positions it favorably to compete with Solana as a hub for memecoin activities. Stablecoin issuers such as Tether and Circle continue to mint new tokens on TRX’s chain and other networks.
According to Bitget chief analyst Ryan Lee, Tether issued 19 million out of the 33 million USDT tokens minted in the last year on Tron. Lee noted that 84% of Tether’s 10.9 million monthly active users engage with Tron, indicating a promising outlook for memecoin trading on Sun’s blockchain in the foreseeable future.
Moreover, comparisons have been drawn between Sunswap and Solana-based DEX Jupiter, with suggestions that TRX’s chain could make strides toward Solana due to the evolving memecoin landscape.
Jupiter, boasting a $7 billion fully diluted valuation and a $1 billion market cap, stands in contrast to Sunswap’s SUN, which holds a $368 million fully diluted valuation with a $181 million market cap, leaving room for further expansion in the memecoin market.
