News

SunPump: Tron’s Memecoin Dominate the Market

2024-08-21 09:00 Dot Marigold Vance

Despite the low chances of survival and growth, the demand to create meme coins still seems high among crypto market participants. The trend is driven by the desire for self-expression and the creation of unique tokens that a person would want to have, even though their coins won't do well in the long run. In response to this phenomenon, Justin Sun, founder of founder of TRON, introduced SunPump, a new platform designed to exploit the meme coin craze.

Read Also:

What is SunPump?

SunPump is an innovative platform that provides users with the ability to create their own meme coin in a Tron blockchain without having any prior programming knowledge. This was in connection with the successes of pump.fun and makenow.meme in simplifying creating a memecoin.

SunPump is currently the top platform for issuing tokens. It is believed to be a key factor in Tron making more money than Ethereum. According to data from Token Terminal, Tron raked in nearly $435 million in revenue, outperforming Ethereum with $364 million.

The Launch of SunPump

On August 13th, Sun.io, a platform closely tied to Tron's founder, Justin Sun, announced the launch of SunPump, a new protocol.

As SunPump launches, meme coins such as SHIBA, PEPE, WIF, and FLOKI begin to rocket in popularity, each valued at more than $1 billion. As demand surges for meme coins, so will the need for SunPump among users creating and trading the tokens. Meme-based digital assets are gaining popularity in the crypto market.

On August 17, Tron earned the most money in one day, with meme coins worth $133,000 created and traded using over 1 million TRX.

Which wallets does SunPump support?

The web version supports TronLink extension wallet and the mobile version supports TronLink and OKX Web3 Wallet. More wallets will be integrated soon.

What fees are there on the SunPump platform?

Around 20 TRX: Base fee to create a meme coin.
Around 3,000 TRX: Fee for transferring liquidity to SunSwap V2.
1% transaction fee: Charged for meme coin transactions on SunPump.

The platform can adjust as needed based on future developments.

How does SunPump work?

Users visit sunpump.meme and find a memecoin that aligns with their preferences
Users will buy tokens with the Bonding Curve mechanism for tokens that are not currently listed on SunSwap.
SunSwap V2 will add and burn 12,000 TRX when the value of the token reaches around 69,420 USD.

SunPump Problem

Fred, formerly of Crypto Banter, has aired his view on the latest proliferation of meme coins. He comments how, while they may get one fast money, they are the first ones to sell when the markets change. This is a huge problem, he says, as platforms like "pump.fun" and "sun.pump" flood the markets, then cause huge losses for many retail investors.

Statistics indicate that the vast majority of meme coins do not achieve long-term success. Data reveals that only a few tokens launched into platforms like pump.fun have managed to retain a market capitalization above 1 million in just a matter of weeks. This totals to only 0.0002% of tokens launched.

Justin Sun said SunPump's server traffic needs to be increased tenfold to keep up with the demand for accessing and creating tokens. In addition, Justin Sun also said it will ensure maximum traffic.

By looking through the platform, you can almost see many new meme tokens being listed every hour. Now, it is quite impossible to calculate the number of tokens on this platform. At the same time, every 24 hours, more than 16,000 new tokens are created compared to pump.fun.

The standard cost of creating a coin meme on SunPump is 20 TRX or about 2.6 USD. If a token meets the criteria, users need to pay an extra 3,000 TRX in fees. This fee is required to access the liquidity in SunSwap V2. In general, these fees are too cheap for ordinary users to access.

The current attention of SunPump appears to be Suncat, a meme coin that has gained significant attention. The price of this asset has increased by over 25,000%, quickly raising its value to over 1 million USD in less than 9 hours.

SunPump Prediction

Sun Pump's future development is likely to influence the price of the TRX token quite heavily. And also in the long-term TRX has steady positive tendencies that distinguish it from many altcoins, while the price is high still. Based on this, we can make the following predictions:

First, with the help of Sun Pump, TRX can soon rise above the all-time high (ATH)
Secondly, we expect that fees and revenue on the Tron network will quickly rise to the very top, most likely outcompeting Ethereum within the first 24 hours. Currently, the 24-hour fee particular to the Tron is 1. 32 million USD for Bitcoin and for Ethereum it is 2. 25 million USD.
Thirdly, we predict that most of the meme coins will eventually be delisted from Sun Pump and will rarely be traded on DEX as the case with pump. fun.

If SunPump doesn't improve its development plan, Justin Sun's actions may seem temporary. This could prevent him from building a lasting presence in the market.

Disclaimer: We advise readers to have a deep understanding of the crypto market before making any investment decisions. The information in this article should not be considered financial advice, and we do not take responsibility for any investment decisions made by readers.

Explore more crypto insights with our Bitscreener Exclusive

Stay updated with daily hot news on Trending News