The Tron ecosystem has been thriving amid the success of the SunPump memecoin. This development triggered a massive surge in the Tron Network activity resulting in energy shortage, noted Justin Sun.
Regarding this current development, Sun mentions he notified the Super Representatives who have responded positively.
The Tron co-founder said that they will further propose an increase in the energy limit that will help to significantly reduce the energy costs and transaction fees on the Tron Network.
“Tonight will be unprecedented, but the only difference is that we are ready,” said Sun while referring to the frenzy around the SunPump memecoin.
SunPump Rise Triggers 12% Surge for Tron’s TRX
Justin Sun’s memecoin Sundog has gained massive attention hitting a market value of over $200 million indicating a massive early success. The launch of the Sundog memecoin on the SunPump platform has led to a huge surge in the Tron Network activity.
In the last 24 hours, the Sundog price is up by a staggering 42% trading at $0.2323 with a market cap of $232 million. This memecoin is already up by 256% in less than a week of launch.
Tron’s native cryptocurrency TRX is also reaping the benefits of the SunPump frenzy, surging by 12% in the last 24 hours shooting all the way to $0.1644. The daily trading volume of TRX has also surged by a massive 140% as of press time. As per the data from LookonChain, the Tron Network daily revenue has hit a new all-time high of $3.84 million amid the SunPump frenzy.
On the other hand, within just 11 days of launch, the SunPump platform has already clocked more than $1.1 million in revenue. On Tuesday, August 20, the memecoin platform generated revenue of 2.78 million TRX worth roughly $400,000, with the creation of more than 6000 memecoins.
Will Tron Eat Into Solana’s Memecoin Market Share?
The year 2024 has been very fruitful for the entire memecoin industry with Solana-based memecoins leading the show. Thus, the launch of the SunPump platform on Tron comes just at the right time capitalizing on this momentum.
However, it seems that Tron is gearing up to eat into Solana’s market share, exactly what Solana did with Ethereum.
While the Tron-based SUNDOG memecoin made rapid advancements, the Solana-based memecoins like Dogwifhat (WIF) and BONK have come under strong selling pressure. On the weekly charts, both WIF and BONK are down by 8-9%.
