- The memecoin narrative is losing steam.
- Tron recently launched SunPump, making it easy for anyone to create their own memecoins.
- SunPump‘s growth metrics are impressive.
Memecoins persist in challenging traditional views on value and fundamentals. Projects like Bonk and Dogwifhat have achieved extraordinary gains this cycle, fueling ongoing debates about the speculative nature of digital assets. Yet, recent months have also seen a slowdown in memecoin performance, sparking speculation on whether the sector’s momentum is beginning to fade.
Despite this, Tron launched SunPump on August 9, enabling users to create their own memecoins without coding knowledge. Early on-chain data indicated that SunPump has gained significant traction, potentially revitalizing the memecoin narrative.
Tron’s SunPump Off to a Solid Start
On-chain data from Dune Analytics indicates a strong start for Tron’s new memecoin platform, SunPump. Since its launch earlier this month, users have created nearly 8,000 new memecoins, generating over 2.6 million TRX (approximately $353,000) in revenue.
Though still in its early stages, SunPump has already experienced notable activity peaks. On August 17, the platform saw 2,693 transactions and generated 1,066,016 TRX in fees.
Tron founder Justin Sun is optimistic about this growing momentum, forecasting the user base will double to 20,000 in the coming week. Sun also hinted at potential listings for SunPump memecoins on centralized exchanges (CEXs,) including HTX and Poloniex.
The largest SunPump memecoins by market cap are Sundog, FOFAR, and SUNDOGE. These tokens have achieved market capitalizations of $88.7 million, $16.7 million, and $2.5 million, respectively.
Even though SunPump’s early metrics highlight an ongoing demand for memecoin projects, some observers still contend that memecoins are dead and buried.
Memecoin Fad Has Passed
Despite SunPump’s early success, some maintain that the broader memecoin trend is fading. The VanEck MarketVector Meme Coin Index, which tracks the price of the top six memecoins, showed a peak of 319% in mid-March, but the index has spiraled downwards since falling to a local bottom of 92% as of August 5.
Further insights come from ChainPlay, a blockchain gaming aggregator, which analyzed 30,000 memecoins. The study found that 97% of these projects closed in 2024, equating to around 2,000 shutdowns per month.
Additionally, ChainPlay reported that the average lifespan of a memecoin is just one year, with over half (55%) classified as malicious.
Despite these concerning statistics, ChainPlay’s research concluded that memecoins remain attractive to investors due to their potential for substantial returns.
On the Flipside
- All markets, including memecoins, are cyclical.
- The rise of platforms like SunPump could attract increased regulatory scrutiny.
- A long-term uptrend for SunPump cannot be deduced from just 10 days of data.
Why This Matters
Whether SunPump’s growth signifies a memecoin renaissance or a final hurrah, it still underscores the crypto market’s dynamic nature.
Tron’s SunPump memecoin platform goes live:
TRON Launches Memecoin-Oriented SunPump Fair Launch Platform
Cardano’s Lace Wallet rolls out Chang-ready features:
Cardano Lite Wallet Lace Unveils Chang-Ready Features
