As a seasoned crypto researcher who has witnessed the rise and fall of numerous blockchain ecosystems, I must admit that the current memecoin craze on Tron is quite intriguing. The daily revenue surpassing Ethereum is not just a milestone, but a testament to the adaptability and resilience of the TRX network.
Justin Sun’s Tron network overtook Ethereum in daily revenue, spurred by new memecoin mania via the SunPump launchpad.
As reported by DefiLlama, the Tron (TRX) blockchain yielded approximately $3.8 million in a single day. This chain surpassed its previous record for daily fees, as investors flocked to the memecoin market within the TRX system, causing a surge of activity.
As a crypto investor, I’ve noticed that “metas” in the crypto world are fresh stories or trends that could either fizzle out quickly or have lasting impact. This year, memecoins have been all the rage within the leading decentralized finance ecosystems such as Ethereum (ETH) and Solana (SOL).
Tron’s memecoin excitement started not too long ago, around August 9, with SunPump making its debut as the initial TRX-powered meme coin launch platform. The early stages were relatively quiet, with developers minting roughly 200 to 300 tokens every day and mainly trading on the decentralized exchange, Sunswap.
As a researcher, I’ve observed an unprecedented surge of interest in SunPump, with approximately 6,000 memecoins being issued in a single day by August 20th. On August 21st, according to Dune Analytics dashboard from the Venture Capital firm Hashed, at least 20,504 TRX-based memecoins were in circulation.
The launch of Sundog (SUNDOG), its most successful yet, reached a market value of $260 million at its peak. Meanwhile, Sunswap’s native tokens SUN and TRX have seen increased prices due to the ongoing meme trend. In particular, TRX experienced an increase of more than 23.8% in the last week, but it was SUN that truly outshone Justin Sun’s main virtual currency with a staggering surge of over 101.7%.
Tron’s abundant liquidity
With ample liquidity, it’s possible that Tron could challenge Solana as a popular platform for meme coins. Stablecoin creators such as Tether (USDT) and Circle (USDC) are continuously producing new tokens on the Tron network and others.
Ryan Lee, Bitget’s chief analyst, mentioned in a note to crypto.news on August 21st that out of the 33 million USDT minted by Tether over the past year, approximately 19 million were issued on the Tron blockchain. Furthermore, he stated that a significant majority, around 84%, of Tether’s 10.9 million monthly active users utilize the Tron network. This suggests that the Tron blockchain may see an increase in memecoin trading activity over the coming weeks and months due to this high user engagement.
That’s the beauty of blockchain.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 20, 2024
Furthermore, some analysts have drawn parallels between Sunswap and the Solana-based decentralized exchange (DEX), Jupiter. The primary argument is that the Tron network might come closer to resembling Solana, given the evolving trend in meme coins.
Compared to Jupiter (JUP), which has a total valuation of $7 billion when all shares are taken into account and a market capitalization of $1 billion, Sunswap’s SUN has a smaller fully diluted valuation of $368 million and a market cap of $181 million. This means there is plenty of potential for growth with Sunswap.
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2024-08-21 18:54