Tron (TRX) has rapidly emerged as the top trending asset in the crypto market, largely driven by the introduction of its memecoin deployer, SunPump.
Launched earlier this month, SunPump has facilitated the creation of over 7,000 new coins on the Tron network, according to Santiment. This uptick in activity has coincides with a 22% increase in TRX’s market value, with the token peaking at just over $0.165 earlier today before the recent pullback to $0.1571.
These developments have brought Tron to the forefront of memecoin-related activity, attracting considerable attention from the crypto community.
According the above Santiment chart, TRX has achieved the highest level of bullish sentiment among traders since 2017, suggesting widespread optimism. Social discussions around TRX have surged, reaching the highest levels since 2021.
Further data from Santiment indicates that SunPump’s success has fostered a long-term optimistic outlook for Tron. This optimism suggests potential mid-term bullish price momentum for TRX, despite expected short-term volatility.
Per Santiment, the increased network activity has been driven by a surge in memecoin launches, which have also led to a rise in TRON burns. These burns reflect a growing demand for TRX while reducing the token’s circulating supply.
Meme Coins Propel Tron’s Growth
Additionally, Tron’s role has expanded significantly following SunPump’s introduction. Tokens like SUNDOG have gained popularity, with the community actively engaging in meme coin trading. This resurgence in meme coin activity mirrors previous phases in the market, where widespread interest led to rapid price spikes.
In addition to memecoin activity, Tron’s ecosystem is benefiting from partnerships with hedge funds and other projects, expected to drive further growth. The influence of Tron’s founder, Justin Sun, also remains a significant factor in the network’s continued growth.
$1.2 Million in Revenue Generated by SunPump
Recent data shows that SunPump has generated over $1.2 million in revenue about two weeks after its launch. On August 20, the platform achieved its highest daily revenue, surpassing $2.76 million in TRX.
Tron’s dominance extends beyond memecoins, as it continues to lead the stablecoin market. For instance, Tether recently minted an additional 1 billion USDT on the Tron network, contributing to a significant liquidity influx.
Over the past year, approximately $19 billion USDT has been minted on Tron, accounting for nearly 50% of Tether’s total supply.
Tron now leads in weekly Tether transactions, handling over 77% of transfers across EVM chains. This increased activity has propelled Tron into the top ten ranking of crypto assets by market capitalization, surpassing Cardano with a valuation of around $14 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
