Move Over, Solana: Tron’s Memecoin Season Is Here
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| By Marija Matic |
There’s been a surprising twist in the crypto world. The new memecoin season has kicked off.
But the coins garnering most of the action aren’t on Ethereum (ETH, “A”) or Solana (SOL, “B”).
Instead, the spotlight this time is on Tron (TRX, “C+”).
Dr. Bruce Ng mentioned recently that this old, often overlooked coin was seeing a resurgence in popularity lately. Founded in 2017 by the Singapore-based Tron Foundation, it has long been known for its cheap and efficient stablecoin transfers, particularly with Tether (USDT).
But now, it’s making waves in the top sector of this bull market.
From Stablecoin Dominance to Meme Mania
Tron’s reputation as a hub for stablecoins is well-earned. It boasts the largest global supply of stablecoins, with $60 billion circulating on the network.
Historically, over 90% of Tron’s transactions involved USDT, reflecting the chain’s focus on low-cost transfers.
With 8.3 billion transactions and around 224 million accounts — 14 million of which are active monthly — it’s clear that Tron’s user base is both large and engaged.
Furthermore, these users remain unfazed by bear markets, as evidenced by the network's steadily increasing activity. Since February, weekly USDT volumes on Tron have consistently exceeded $83 billion.
Additionally, Tron’s fee generation has seen significant growth. Over the past 90 days, the network has accrued $478 million in fees, a figure which makes Tron the top fee-generating blockchain in the crypto space, according to Token Terminal.
So, why is the latest Tron buzz all about memecoins?
Because founder Justin Sun has decided to throw his hat into the meme ring with SunPump (SUN, Not Yet Rated).
SunPump: Token Generator with a Twist
Despite starting as a joke, memecoins have become significant players in the crypto market. Tokens like Shiba Inu (SHIB, “C+”), Pepe (PEPE, Not Yet Rated), dogwifhat (WIF, “D-”), and Floki (FLOKI, Not Yet Rated) have each surpassed a $1 billion market cap. Their excellent performance has positioned the memecoin sector as the leading narrative in this bull cycle.
And before now, it was a narrative that Tron was left out of.
That’s where SunPump comes in. It’s a token generator designed to rival Solana’s Pump.Fun. Basically, it allows users to create memecoins on the Tron blockchain without coding.
The idea behind the $10 million initiative to support new tokens is straightforward: More memecoins leads to increased protocol revenue, which in turn leads to more SUN tokens being bought back and burned, creating a positive feedback loop.
But this endeavor goes beyond just coin generation. With $10 million allocated to support new tokens and a stringent review process to guard against scams, SunPump aims to provide a safer environment for memecoin creation.
It actively addresses concerns about the potential for bad actors to exploit users by introducing community oversight and enhanced transparency to vet projects. It also has a partnership with crypto exchange Poloniex, offering listing opportunities for tokens that achieve a $1 million daily trading volume for three days.
No wonder that SunPump’s coin, SUN, became an interesting ecosystem play. And that may continue, especially since it accrues value via buybacks and burns.
Since its recent launch on Aug. 9, SunPump has quickly made a splash, generating over $2.1 million in revenue and creating more than 45,000 new memecoins. It has already surpassed its Solana-based counterpart in both daily activity and revenue, signaling a strong start to the meme season on Tron.
So, which are the meme tokens that are getting a head start?
Our resident memecoin expert, Dr. Bruce, has broken down the different memecoin subcategories before. So, it should be no shock that a dog-themed meme has emerged as Tron’s standout contender.
SUNDOG: The Next Billionaire Dog?
Every major blockchain has its own standout memecoin. Often, it will surpass the $1 billion mark.
For instance, Ethereum's PEPE reached a staggering $7 billion at its peak, while Solana's WIF achieved a $5 billion valuation. Even Base's Brett (BRETT, Not Yet Rated) hit $2 billion.
At the top of the meme coin hierarchy, Dogecoin (DOGE, “B-”) has soared to an astronomical $90 billion.
Tron’s rising star, Sundog (SUNDOG, Not Yet Rated),has demonstrated impressive early performance, capturing significant attention and momentum within the crypto community.
SUNDOG has soared 273% in the past week since my colleague Mark Gough brought it to my attention for the first time. And its current $300 million valuation has traders speculating about its potential to reach the $1 billion milestone.
While it remains to be seen if SUNDOG can achieve the heights of other major meme tokens, its impressive early performance positions it as a key player in Tron’s meme coin ecosystem.
The Tron network is expanding rapidly. It’s likely that we’ll see new and emerging memecoins gain traction as the market evolves. With a massive amount of USDT liquidity on Tron available for deployment, the potential for further growth within the ecosystem is significant.
Tron’s venture into the memecoin space represents a new chapter for the old blockchain, showcasing its versatility beyond stablecoin transfers. We may even see advancements in other more serious sectors, such as DeFi, thanks to this push into the memecoin space.
For both seasoned crypto enthusiasts and curious observers, monitoring this evolving memecoin season could offer rewarding opportunities.
While only a small fraction of meme tokens achieve lasting success, some may represent a prime opportunity for short-term gains.
Or, if you want to play the memecoin narrative without signing up for the memecoin volatility, you could consider getting leverage to the blockchains those memecoins are built on.
Previously, ETH and SOL were the heavyweights. But savvy investors may want to add TRX to their watchlist now.
Best,
Marija Matić
