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Solana’s meme coin launchpad Pump.fun is actively defending its market share against Tron’s SunPump, which entered the space in early August.
This competition between the two platforms has fueled the “meme coin wars” trend, with both vying for dominance based on factors such as fees, revenues, sustainability, and profitability.
How Solana’s Pump.fun Battles Tron’s SunPump
A Monday press release outlined Solana’s Pump.fun strategy to defend its market share against Tron’s SunPump. Solana’s project accelerator, Orbitt, announced that its market-making service, Orbitt MM, now supports volume boosts for Pump.fun.
Orbitt MM aims to enhance the trading volume and visibility of Pump.fun token launches, thereby increasing the likelihood of project success and helping Pump.fun maintain its competitive edge in the meme coin space.
“Orbitt MM’s Pump.fun integration will make it easier for meme coin projects to capture the sort of volume that attracts users and adds sustainability. Widely used by Solana token projects seeking to increase volume, Orbitt MM has now been optimized for Pump.fun’s token launchpad,” read the announcement.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
With this new development, projects launched on Solana’s Pump.fun will benefit from Orbitt MM’s support, boosting both pre- and post-launch trading volumes. This is expected to attract investor interest and draw more capital to the platform, while also reviving underperforming Pump.fun projects.
Once a token completes its bonding curve on Pump.fun and is listed on Raydium, Orbitt MM will seamlessly transition the volume-boosting process to Raydium. This bonding curve mechanism differs from the model used by Tron’s SunPump.
Meanwhile, SunPump continues to challenge Pump.fun’s market dominance. Justin Sun has leveraged Tron blockchain’s extensive $60 billion USDT liquidity to drive meme coin creation, fueling a competitive rivalry between the two platforms.
“For me, when it comes to the whole “Why TRON, why SunPump Meme?” thing, the biggest flex is that $60 billion in TRON USDT. No other blockchain protocol has a liquidity pool this massive. Meme coin platforms live and die by liquidity, and TRON’s got it in spades,” Sun noted.
Over the past month, Justin Sun has actively promoted SunPump, highlighting key developments in fees and trading costs. These efforts have shifted attention from Solana to Tron, leading to a 47% decline in token deployments on Solana’s Pump.fun.
Fast-Mover Advantage Keeps Solana’s Pump.fun in the Lead
According to data from Dune, Solana’s Pump.fun remains resilient despite increasing competition from Tron’s SunPump. On key revenue metrics, Pump.fun continues to lead, surpassing $100 million in total revenue. Over the past 24 hours alone, Pump.fun generated $278,914, compared to SunPump’s $36,139.
In terms of new active addresses, Pump.fun is also ahead with 12,421, compared to SunPump’s 1,926. The Solana launchpad leads in several other categories, including trenches volume and daily fees collected.
While Pump.fun dominates on multiple fronts, it’s important to note that it launched in January, giving it a first-mover advantage. SunPump, launched on August 9, has made rapid strides but remains behind in several metrics. As the meme coin launchpads compete for dominance, traders are watching closely to see which platform will gain the upper hand.
Read more: What Is TRON (TRX) and How Does It Work?
However, both launchpads face risks due to the rise of meme coin rug pulls, where malicious actors capitalize on the trend to launch scam tokens. Investors must stay cautious amidst these risks. Amidst such concerns, SushiSwap joined the space among the top crypto news this week.