Tron-Based SUN Token Experiences Meteoric Rise of 197% As SunPump’s Success Surges
The memecoin fever has made its way to the Tron Network with the launch of SunPump, which has quickly emerged as a major competitor to Pump.fun, its Solana-based counterpart. In just the span of two weeks, SunPump has gained significant traction, leading to a remarkable surge in the network’s native token, SUN, which has skyrocketed by over 190% in the past seven days.
SunPump Making Waves in the Market
Around two weeks ago, Sun.io, a DeFi protocol, introduced SunPump as the first-ever memecoin launcher on the Tron blockchain, challenging Solana’s Pump.fun. The project, heavily promoted by Justin Sun, the founder of Tron, initially faced skepticism from the crypto community, with some predicting that it would mark the end of the memecoin era.
However, SunPump’s recent performance has defied expectations and reinvigorated the Tron network, effectively boosting its overall activity. According to data from Dune Analytics, SunPump has successfully deployed over 33,330 memecoins since its inception, generating a staggering revenue of approximately 13.1 million TRX (equivalent to $2 million).
In a remarkable feat, SunPump surpassed its Solana counterpart in terms of issued tokens and daily fees, reaching an all-time high (ATH) on Wednesday. On that day, SunPump generated $585,000 in revenue by creating 7,531 tokens, while Pump.fun produced 6,701 tokens, generating $366,000 in fees.
Tron-Based Tokens Experience an Incredible Surge
Several investors have seized the opportunity presented by the memecoin frenzy, launching some of the most popular tokens on the Tron blockchain. Notably, two animal-themed tokens witnessed astronomical increases of over 50,000% and 25,000% shortly after their launch.
SUNDOD, an animal-themed token, reached a market capitalization of $60 million, leading to its listing on prominent crypto exchanges such as Poloniex and HTX. Since then, the token’s market cap has soared to $322 million, currently sitting at $190 million.
As of now, SUNDOD is trading at $0.1918, experiencing a remarkable 260% price surge over the past seven days. Similarly, SUN, the native token of SUN.io, has become one of the biggest winners of the week, with a substantial surge of 197% driven by the network’s ongoing momentum.
Originally launched in 2021, SUN reached an all-time high of $66 before experiencing a crash due to supply hyperinflation. Since then, the token has been redenominated as a multifunctional governance token on the SUN platform.
Last week, SunPump announced that 100% of the protocol’s revenue would be utilized to buy back and burn SUN tokens, ensuring the sustainable development of the SUN ecosystem.
Binance Futures also joined the SUN craze by launching the SUNUSDT Perpetual Contract, allowing traders to leverage up to 75x. This bullish surge has facilitated SUN’s price breakout from a multi-year consolidation range.
After trading sideways between the $0.003 and $0.01 price range for the past four years, SUN successfully surpassed the $0.15 resistance level on Tuesday. Since then, the token has continued its bullish rally, surging by 30.4% in the last 24 hours. As of now, SUN is trading at $0.031 and boasts a market capitalization of $301 million.