The rise of memecoins continues to expand across different blockchains, with Tron’s ecosystem showing significant growth alongside Solana [SOL].
Tron’s Sun Pump has gained substantial traction, fueling excitement within the community and contributing to the blockchain’s revenue. But what implications does this have for TRX?
Sun Pump Boosting Memecoins
While Solana’s Pump.fun has been the talk of the town recently, Tron’s Sun Pump has emerged as a formidable competitor. The platform has already minted over 73,000 tokens since its recent debut, signaling a promising start.
Justin Sun’s recent tweet highlighted a new development in the Sun Pump ecosystem that is expected to drive further growth in the days ahead. The tweet outlined a plan to distribute Sun Pump’s protocol revenue back to the community, with the proposal set for community deliberation before final implementation.
All revenue generated by Sun Pump will be channeled back to the community through liquidity donations. The earnings will be converted into SUN/TRX LP tokens on Sunswap V2 and sent to a secure blackhole address, ensuring the liquidity remains intact.
An analysis of Dune Analytics’ data revealed that Sun Pump currently hosts over 1,400 tokens, generating a revenue of $4,626,516 or 29,652,641 TRX. Sundog emerged as the leading memecoin on Sun Pump, trading at $0.255 with a market capitalization exceeding $255 million at the time of reporting.
TRX Performance Overview
Despite the surge in memecoin activity, TRX struggled to gather bullish momentum amidst a generally positive market sentiment. CoinMarketCap reported a nearly 3% drop in TRX’s price over the last 24 hours.
Currently trading at $0.1521 with a market cap exceeding $13 billion, Tron holds the position of the 9th largest cryptocurrency. Technical analysis of the token’s daily chart suggested a bearish trajectory, with indicators like MACD displaying a bearish crossover and Chaikin Money Flow (CMF) signaling a downturn.
Tron’s Relative Strength Index (RSI) also indicated a downward price trend, pointing towards potential further declines in the near term.