Solana’s meme coins have encountered a slowdown, while Tron’s newly launched SunPump is rapidly gaining traction. The meme coin deployer on the Tron blockchain has generated over $1.1 million in revenue within 11 days, signaling a shift in market dynamics.
As Solana-based meme coins like DogWifHat (WIF) and Bonk struggle to maintain their positions, new contenders on the Tron blockchain, such as SunDog (SUNDOG) and SUN Token (SUN), are making significant strides. Over the last seven days, Tron’s price has surged by 25%, largely driven by the growing popularity of its associated meme tokens.
Tron’s SUNDOG overtakes Solana’s WIF in performance
Recent data from Coingecko reveals a stark contrast in performance between Solana and Tron-based meme coins. Solana’s WIF has experienced a significant decline, with its price dropping by 42% over the past 30 days and an additional 7% in the last week. Despite these setbacks, WIF remains the fourth largest meme cryptocurrency, boasting a market cap of $1.5 billion. Similarly, Bonk (BONK) has seen a downward trend, with its price decreasing by 40% in the last month and 7% over the previous seven days. At the time of writing, BONK is trading at an average price of $0.00001822.
In contrast, Tron’s SUNDOG has demonstrated impressive growth. Within the past 24 hours alone, SUNDOG’s price has soared by 285%, reaching an average price of $0.251. Its market cap now stands at $252 million, with a 24-hour trading volume of $65 million, marking a 20% increase. SUN, another meme token on the Tron network, has also shown remarkable gains, with a 67% increase over the last week. SUN’s trading volume over the previous 24 hours has surged by 418%, totaling $239 million.
SunPump generates over $1.1 million in revenue
SunPump, which debuted on August 9, has quickly become a major player in the market, generating 7 million TRX, equivalent to approximately $1.1 million, in just 11 days. August 20 marked SunPump’s most profitable day, bringing in nearly 2.78 million TRX, worth around $400,000, with over 19,000 new coins created on the platform.
However, the platform faced a temporary shutdown on Tuesday due to an unexpected surge in traffic. Tron founder Justin Sun addressed the issue, announcing that the team was urgently scaling up to handle the increased demand. The platform was restored after about an hour of downtime.
Source: Dune
The launch of SunPump has significantly boosted liquidity on the Tron blockchain, with a $10 million allocation from Justin Sun’s Meme Ecosystem Boost Incentive Program. Additionally, Tether recently minted another 1 billion USDT on Tron, further enhancing the network’s liquidity.
TRON (TRX) experiences significant rally
TRON (TRX) has seen a notable increase in value, with its price rising by 12% in the last 24 hours. The trading volume for TRX has also surged by 120% during the same period, reaching $1.711 billion. This rally is largely attributed to the growing popularity of Tron’s meme tokens, particularly those linked to SunPump.
As Tron’s ecosystem expands, Solana’s meme coins may face increasing pressure to maintain market positions. The ongoing competition between these two blockchain networks will likely shape meme coin trends in the coming weeks.