Justin Sun’s Tron network overtook Ethereum in daily revenue, spurred by new memecoin mania via the SunPump launchpad.
According to DefiLlama, the Tron (TRX) blockchain generated over $3.8 million in 24-hour revenue. The chain reached a new all-time high in daily fees as speculators jumped on the memecoin meta, which stormed the TRX ecosystem.
Metas in crypto refer to emerging narratives that may or may not be a flash in the pan. During this year and the current cycle, memecoins have trended across top decentralized finance ecosystems, including Ethereum (ETH) and Solana (SOL).
Tron’s memecoin craze began less than two weeks ago when SunPump debuted on Aug. 9 as the first TRX-based meme fair launch platform. Early days saw modest activity, as developers created 200-300 tokens daily and traded primarily on the decentralized exchange Sunswap.
Interest in SunPump skyrocketed by Aug. 20, with over 6,000 memecoins issued in a single day. A Dune Analytics dashboard by Venture Capital firm Hashed noted at least 20,504 TRX-based memecoins as of Aug. 21.
Sundog (SUNDOG), the most successful launch yet, peaked at a $260 million market cap. Sunswap’s native tokens SUN and TRX have recorded higher prices as the meme craze solidified. TRX has jumped over 23.8% in the last week, but SUN’s 101.7% surge eclipsed Justin Sun’s flagship virtual currency.
Tron’s abundant liquidity
Due to sufficient liquidity, Tron may be positioned to jockey Solana as the memecoin hotbed. Stablecoin issuers like Tether (USDT) and Circle (USDC) keep minting new tokens on TRX’s chain and other networks.
Bitget chief analyst Ryan Lee told crypto.news in an Aug. 21 note that 19 million of the 33 million USDT minted by Tether in the past 12 months were issued on Tron. Lee added that 84% of Tether’s 10.9 million monthly active users operate on Tron, positioning Sun’s blockchain for more memecoin trading in the coming weeks and months.
Additionally, speculators have compared Sunswap to Solana-based DEX Jupiter. The leading thesis suggests that TRX’s chain could edge closer to Solana thanks to the shifting memecoin meta.
Jupiter (JUP) boasts a $7 billion fully diluted valuation and a $1 billion market cap. Conversely, Sunswap’s SUN has a $368 million fully diluted valuation with a $181 million market cap, leaving ample room for growth.
