As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed numerous shifts and transformations in this dynamic landscape. The recent surge of Tron surpassing Solana as the leading platform for meme coin trading is one such development that has caught my attention.
New findings indicate that the Tron network is now dominating Solana in terms of meme coin trading due to its recently launched platform, Sunpump. This success comes on the heels of Sunpump’s popularity outshining Solana’s Pump.fun.
Sunpump Surpasses Pump.fun In Daily Revenue
According to a post on their ex-Twitter account, Lookonchain disclosed that Sunpump outperformed Pump.fun in daily earnings on August 21st. They presented information from Dune Analytics, which indicated that Sunpump earned approximately 3.65 million TRX ($571,000) and Pumpfun.fun made around 2,575 SOL ($368,000) on that particular day.
Sunpump outperformed Pump.fun in daily transaction count, handling 7,531 transactions compared to Pump.fun’s 6,941. This indicates that Tron has made a significant impact on the meme coin market, which was previously dominated by Solana.
As a researcher delving into the meme coin market, it seemed evident that Justin Sun, Tron’s Founder, intended to disrupt the status quo when he announced the launch of Sunpump on August 13. Prior to this announcement, Solana had reigned supreme in the meme coin domain, largely due to Pump.fun, a meme coin launchpad that facilitated easy deployment of meme coins onto the network and attracted a swarm of meme coin traders. However, it appeared as though the meme coin market on Solana had reached its saturation point. The launch of Sunpump thus presented an intriguing alternative for these traders seeking fresh opportunities.
In recent times, traders moving towards Sunpump from meme coin trading have resulted in a notable increase in transactions on Tron’s decentralized exchange (DEX). According to DeFiLlama, the volume of trades on Tron’s DEX has risen by more than 558% during the past week. Simultaneously, there has been a decrease of over 24% in Solana’s DEX volume.
As a result of this recent development, the cost of the indigenous tokens for both blockchains has been affected. Information from CoinMarketCap indicates that Tron’s token (TRX) has experienced an increase of more than 18% over the past week. In contrast, Solana’s token (SOL) has only seen minimal growth of less than 2% within this timeframe.
More To Come From Tron
Justin Sun has continued to tease that Tron’s success this past week is just the tip of the iceberg for what is set to come for the network and its ecosystem. In a recent X post, he stated that “everything is just getting started” and that the recent storm was just a “warm-up.” He added that this weekend will be “unbelievable” and advised market participants to prepare for it.
In a previous article, he indicated to the crypto community that they should anticipate several announcements from him within the next few weeks. Already, Sun has disclosed some improvements made to Tron, aimed at handling the surge of meme coin trades that have been attracted to the network. One such improvement is the decrease in transaction fees on the network, making it more economical and comparable to cheaper networks like Solana.
Cover image from Dall-e, chart from Tradingview
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2024-08-23 22:11