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Following the unmatched success of the Solana (SOL) ecosystem catalyzed by its meme coin sector, Justin Sun’s Tron (TRX) has increased its focus on the same industry. According to an X post from Sun earlier today, the Tron network will welcome a new meme coin season through the SunPump.
The SunPump is a meme fair launch platform on the Tron network, which leverages the SUN.io DEX. Currently, in the beta phase, the SunPump platform will offer users up to 99 percent off on gas fees.
The sun 🌞 shines in the season of memes. https://t.co/lTsvWeBo76
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 13, 2024
How to Use SunPump on Tron Network
The SunPump platform has set several rules to ensure maximum protection of investors from predatory trading practices. For instance, the platform does not allow pre-sale and team allocation of any meme coin launched.
Worth noting that SunPump will accelerate the TRX burn rate by enforcing the meme coin projects that have achieved a market cap of $69420 to burn $12k worth of TRX via SunSwap.
Impact on TRX
The launch of the SunPump platform will dramatically increase the on-chain activity on the Tron network. Already, the Tron network has been leading other top-tier layer one chains in on-chain activity, fueled by its huge stablecoins market.
USDT on @trondao = 1/3 of @Visa's annual settlement volume.
— Token Terminal (@tokenterminal) August 12, 2024
In Q2 '20, USDT on TRON had a settlement volume of $25.2 billion.
In Q2 '24, that same figure was $1.25 trillion.
🤯📈 pic.twitter.com/adicMrxvjg
Ultimately, the Tron network will increase in users, which will significantly improve its liquidity and trading volume.
From a technical standpoint, TRX’s price against the US dollar has closely mirrored that of Bitcoin (BTC) and Ethereum (ETH) in the recent past. Furthermore, TRX price closed last week on a dragonfly Doji candlestick, which signaled the bulls are gradually taking over.
If TRX’s price consistently closes above 13 cents, the large-cap altcoin with a $10 billion valuation, will be eyeing to retest its all-time high (ATH) in the near term.