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Meme coins on the Tron network are igniting excitement, injecting fresh energy amid the recent lackluster performance of Bitcoin and other major cryptocurrencies.
In a recent update, market analyst Zhusu revealed that SunPump, the pioneering meme coin platform on the Tron blockchain, has witnessed the launch of an astounding 7,351 tokens within the last 24 hours alone.
This massive launch has generated an estimated revenue of $585,000 for the platform. The analysis compares these figures with Pump.fun, a well-known platform for launching Solana meme coins.
It reveals that, in comparison, the Solana platform saw the creation of 6,701 tokens in the same timeframe, generating $366,000 in revenue.
Leading Meme Coins on Tron
Among the multitude of meme coins emerging from the Tron blockchain, only a few have achieved mainstream adoption. Market tracking platform CoinGecko currently provides data for only ten tokens, with Sundog leading the market.
Sundog, which is less than seven days old, currently boasts a market cap of $217.44 million. At its all-time high yesterday, the cap was approximately $250 million.
From its all-time low of $0.03989 last Friday, August 16, this Tron meme coin has delivered over 440% profits to early investors, with its current value at $0.217.
Interestingly, Sundog is nearly ten times larger than its closest competitor, FoFar, which has a market cap of $22 million.
Other notable meme coins on the Tron network with valuations in the millions include SUNCAT, SunWukong, BIAO, BLAKE, and SUNPEPE, all of which are also less than seven days old.
Meme Coin Impacts Tron’s Price and Network Performance
The surge in meme coin activity has had significant implications for the underlying Tron blockchain. Over the past week, Tron’s native token, TRX, has appreciated by over 20% and is currently trading above $0.155.
As of yesterday, TRX reached $0.1656, putting it just 8% away from breaking its 2021 peak of $0.18. During its recent surge, TRX flipped Cardano (ADA) to become the tenth-largest cryptocurrency by market cap.
Moreover, the increased activity on Tron due to meme coins has led to an all-time high in daily revenue for the network, exceeding $3.8 million. This figure is a staggering 7X higher than the daily revenue of $517,000 on Ethereum, the largest smart contract network.
Market Concerns on Tron Meme Coin Frenzy
However, some market participants are apprehensive about the current meme coin frenzy on Tron. One observer pointed out that a significant number of the recently launched tokens are likely pump-and-dump schemes orchestrated by scammers.
The commenter highlighted the irony of the situation, noting that while individuals running these schemes are condemned and labeled as scammers, the owners of the blockchain platforms that facilitate these activities are often praised.
Meanwhile, these platform owners are profiting significantly, making hundreds of thousands of dollars each day from their customers who are being scammed.
Of which, prob 7,350 and 6,700, respectively, were PnD’s run by scammers.
We get angry at the guy who launches a PnD and call him a scammer, but yet the owners of the chains who built the platform for the scammers get praised, while making hundred of thousands of $$ per day off…
— jbg (@jbg_clt) August 22, 2024