- Tron is growing quickly as TRX eyes retesting its 7-year ATH.
- The SunPump platform is driving the hype through growing memecoin adoption.
The TRON ecosystem is in the spotlight, and TRX, the native token, may register a new all-time high (ATH) soon. The emergence of SunPump and accompanying memecoin mania has set the Tron network on a new pedestal.
According to CoinGlass data, SunPump recorded a 200% rise in trading volume. This underscores the growing popularity of the memecoin incubator at this time.
SunPump’s Impact on TRON’s Market Position
The spike in trading volume saw TRON register $1.17 billion in trade in 24 hours. Like the trading volume, the coin’s price has also jumped to new highs over the past week. It is closing in on the previous ATH of $0.3004, which was set back in January 2018. Per data from Marketcap, TRX was changing hands for $0.2317 as of writing, up by 5.6%.
Investors’ confidence in TRX was significantly boosted as SunPump aims to compete with Ethereum and Solana as a memecoin incubation venue. Since its debut, it has raked in over $1 million in revenue, a noteworthy feat. According to data available on Dune Analytics, the platform’s greatest revenue performance was achieved on August 20, when it raked in approximately $400,000 or 2.78 million TRX.
The surge in transaction volume has caused the SunPump site to go down several times over the past week. Tron ecosystem developers have had to work overtime to restore functions.
Meanwhile, as earlier reported by CNF, SunPump’s outstanding performance in the memecoin market had a direct impact on Tron. The coin has displaced Cardano (ADA) from the elite group of the top ten cryptocurrencies by market capitalization.
Tron is ranked 10th with a market of $12.04 billion, while Cardano, with a market cap of $11.89 billion, is down to eleventh.
Memecoin Critics and TRON’s Resilience
The SunPump record activity clearly indicates market interest in TRON. As noted in our earlier report, investors’ positive sentiments gave the platform a 124% boost in transaction growth this week.
Meanwhile, as per a post on X, Tron Founder Justin Sun says despite this rapid growth of SunPump and its memecoin ecosystem, users should expect more adopters in the coming days. Sun said he has interacted with some leaders in the memecoin community regarding SunPump, and he remains optimistic that they will introduce millions of other users to the TRON ecosystem soon.
Interestingly, despite the success of SunPump, critics in the broader crypto space have challenged the value of memecoins in the ecosystem. This criticism goes beyond just the Tron Network. These critics also highlighted the dwindling performance in the trading volume of Solana-based pump.fun. They argue that memecoins lack longevity and have no value or utility.
Despite these criticisms, SunPump appears ready to dominate the market and rub off positively on TRON.
