As of summer 2024, the meme coin boom shows no signs of slowing down, capturing more attention within the crypto community. According to CoinMarketCap, the total market capitalization of this segment now stands at around $50 billion, with a daily trading volume exceeding $4 billion. In response to this growing demand, more platforms are emerging to facilitate trading and the creation of new meme coins.
In this article, we’ll discuss the new project for meme coins based on the Tron network.
SunPump: A New Platform for Meme Coins on Tron
Not so long ago a platform called SunPump emerged for launching new crypto meme coins. The project is known to be directly associated with Justin Sun, founder of Tron and advisor to HTX (formerly Huobi). In an interview with CoinDesk, Sun stated that SunPump thoroughly explore projects before they are allowed to launch on the platform, in order to ensure they meet certain standards of integrity.
SunPump is competing for attention with a similar platform, Pump.fun, which is based on the Solana (SOL) network. According to the crypto community, one of the main disadvantages of such services is that they enable the cheap creation of assets that could be used for scams. Sun addressed this issue:
“To address this, the Sun team is committed to enhancing our review processes, introducing community oversight, and promoting transparency to ensure the safety and trust of our users”.
Sun also mentioned on X (formerly Twitter) that the transaction fees on SunPump have been reduced to 0.35 TRX. Platform has already partnered with centralized cryptocurrency exchanges like Poloniex and HTX. Through these collaborations, certain tokens may be listed on these platforms.
Source: Dune Analytics
On August 21, 2024, SunPump’s daily revenue on the Tron network reached 3.6 million TRX — nearly $560,000 at the current exchange rate, according to Dune Analytics. This is more than the revenue generated by the Pump.fun platform. Notably, SunPump’s revenue has increased for three consecutive days, and its total revenue previously surpassed $1 million.
Step-by-Step Guide on How to Use SunPump
SunPump is a platform on the Tron network that allows users to launch and trade meme coins. Here’s how you can get started with SunPump:
1. Accessing SunPump
Visit the website: Go to the official SunPump website.
2. Connecting your Tron wallet
Install a Tron wallet: If you don’t already have one, download and install a Tron-compatible wallet, such as TronLink.Connect the wallet: On the SunPump platform, click on “Connect Wallet” and follow the prompts to link your Tron wallet to the platform.Ensure that you have enough TRX: Use SimpleSwap platform to exchange your existing cryptocurrency for TRX, which you can then transfer to your TronLink wallet.
3. Creating a meme coin on SunPump
Initiate token creation: Once connected, find the option to create a new token. Click on it to start the creation process.Fill in the details: Enter the necessary details for your meme coin, including:
— Name. Choose a unique name for your token.
— Symbol. Assign a ticker symbol.
— Image and description. Optionally, upload an image and write a description for your token to make it more appealing.
Review and confirm: Double-check all the information, especially the token supply, as this cannot be changed later. Confirm the creation, and the required TRX will be deducted from your wallet.
4. Launching and trading your meme coin
Launch on SunPump: After creation, your token will be automatically listed on the SunPump platform. Users can now start trading your token.Marketing and community engagement: To increase the visibility and trading volume of your token, engage with the community on social media and forums, and consider additional promotional strategies.
Comparing Pump.fun and SunPump: What’s the Difference?
SunPump is essentially a spin-off of the platform Pump.fun, which is used for launching meme coins on the Solana blockchain. It has been a driving force behind the meme coin frenzy on Solana. Pump.fun is a platform for creating and launching meme cryptocurrencies that debuted on the Solana blockchain in the spring of 2024. The project took off: by July, it had earned $28.73 million, with its highest daily revenue reaching $864,000, according to data from Dune Analytics. Not bad, right?
But then SunPump entered the scene. Launched on August 13th in the Tron ecosystem, it was quickly labeled as Pump.fun’s competitor. And for good reason: within a week of its launch, the price of Tron’s native coin, TRX, shot up by 25%. Now, that’s what we call making an entrance!
While meme coin enthusiasts celebrate the rise of these speculative assets, others criticize them, arguing that they stray from the true principles of cryptocurrencies. But let’s talk numbers and compare the two platforms. According to data from Dune Analytics, on August 21st, SunPump saw 7,531 tokens launched on its platform, generating a daily revenue of 3.65 million TRX. And how did its competitor do? Pump.fun managed to launch 6,941 tokens on the same day, but its revenue was 2,570 SOL.
Tron coin price and Sun Token price
While leading cryptocurrencies are in a holding pattern, showing sideways movement, Tron coin price has soared by 42%, and Sun Token (SUN) — a token named after Justin Sun — has skyrocketed by 260%. On August 21st, Tron crypto reached $0.165, which is a three-year high. The last time we saw such prices was in April 2021.
So, what do we have? A new player in the meme coin generation market that has already outpaced a recognized leader. Rising metrics and optimistic analyst forecasts. And all this against the backdrop of a general lull in the crypto market. It looks like Tron and SunPump have big plans for the future. We’ll be keeping an eye on developments — in the Crypto World, things change at lightning speed.
Quick Comparison Table: Pump.fun vs. SunPump
Conclusion
Tron network is carving out significant role in the meme coin community, offering unique platform to support the creation and trading of these high-risk, high-reward assets. As long as such big ecosystems continue to grow and attract new users, the future of meme coins looks promising, though potential investors should always proceed with caution.
If you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Segregated Witness (SegWit) in Bitcoin” and “Top Cryptocurrency Mining Companies in the U.S.”.
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The Boom of Meme Coins on Tron: How to Use SunPump was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.