Published on augustus 26, 2024, 12:40 am
Image source: Fox News
```json [ "TLDR: Sun Pump, a new memecoin project on the Tron network, has surpassed Pump.fun, a competitor on Solana by generating 59% more revenue in 24 hours. Sun Pump launched 7,351 tokens, earning $585,000 within a day after its August 9 launch. This success contributed to Tron's record revenue of $3.48 million in 24 hours. Justin Sun's Meme Ecosystem Boost Incentive Program and Tether's increase in USDT token supply show support for memecoins despite industry criticism." ] ```
Tron’s latest memecoin project, Sun Pump, has recently surged ahead of its competitor, Pump.fun, by generating 59% more revenue in the past 24 hours. This marks a significant milestone in the world of cryptocurrency.
Sun Pump, a memecoin deployer operating on the Tron network, has outperformed Pump.fun, which is based on Solana, in terms of daily activity and earnings. According to blockchain researcher Adam’s post on Aug. 21, Sun Pump experienced higher revenue and token creation rates compared to Pump.fun.
Data from Dune Analytics revealed that Sun Pump had launched 7,351 tokens and earned $585,000 within one day, while Pump.fun only created 6,701 tokens with $366,000 in revenue during the same period. This remarkable growth spurt for Sun Pump occurred just 12 days after its launch on August 9.
The platform has already accumulated over $1.5 million in revenue and introduced more than 25,000 new memecoins since its inception. Notably, some memecoins released on Sun Pump have achieved impressive valuations; for example, one trader briefly saw a return of $1,000 skyrocketing to $750,000 thanks to a token named SunWukong (SUNWUKONG).
The success of the new memecoin deployer has significantly benefited the Tron network as a whole. Tron recorded a record-breaking revenue of $3.48 million in the last 24 hours due to increased activity following the launch of Sun Pump.
Additionally, the injection of liquidity into the Tron ecosystem received substantial support from Justin Sun’s Meme Ecosystem Boost Incentive Program with a $10 million contribution. Tether also increased its USDT token supply by minting an additional 1 billion tokens on the Tron blockchain on August 20.
Despite criticism labeling memecoins as disruptive elements in the crypto industry, Justin Sun remains optimistic about their potential success. He emphasized that when developers can build communities through fair launches and rally widespread support and enthusiasm around their projects like these memecoins demonstrate community involvement leading to shared successes within the cryptocurrency space.
The surge in interest revolving around memecoins introduces intriguing discussions on whether they undermine or serve as beacons for crypto’s core principles—a dilemma explored further in publications like “Memecoins: Betrayal of crypto’s ideals… or its true purpose?”
Original article posted by Fox News
