Journalist
Posted:
- The total number of memecoins generated on Sun Pump reached 73k.
- Meanwhile, TRX bears dominated the market as its value dropped by nearly 3%.
Memecoins seem to be going nowhere, as the ecosystem spreads from Solana [SOL] to other blockchains like Tron [TRX].
Inasmuch, Tron’s Sun Pump has recently gained massive popularity, earning the blockchain revenue and creating buzz in the community. But will any of this have a positive impact on TRX?
Sun Pump helps memecoins
Solana’s Pump.fun has been in the limelight for several days now. But things have heated up as Tron’s Sun Pump was providing tough competition to Solana.
To put that into perspective, Sun Pump, Tron’s memecoin generator, has to date created more than 73k tokens, which was a promising number considering its recent launch.
Source: Dune
Interestingly, Justin Sun recently posted a tweet highlighting a new development in the Sun Pump ecosystem that could propel further growth in the coming days.
The tweet mentioned the specific plan for allocating Sun Pump’s protocol revenue to the community.
This initial proposal was intended to be submitted for community discussion. Once the final vote is passed, it will be officially implemented.
The platform’s revenue will be fully returned to the community through liquidity donations.
All revenue generated by Sun Pump will be converted into SUN/TRX LP tokens on Sunswap V2, which will then be sent to a blackhole address, ensuring that the liquidity can never be withdrawn.
AMBCrypto then planned to take a quick look at Sun Pump’s stats. As per our analysis of Dune Analytics’ data, the number of tokens listed on Sun Pump exceeded 1.4k.
To date, the platform has earned a revenue of $4,626,516, which accounted for 29,652,641 TRX. As per CoinGecko, Sundog was the top memecoin on Sun Pump.
At the time of writing, it was trading at $0.255 with a market capitalization of over $255 million.
How is TRX doing?
Amidst all this, TRX failed to gain bullish momentum. This was surprising as the market condition somewhat turned bullish. According to CoinMarketCap, the TRX price dropped by nearly 3% in the last 24 hours.
At the time of writing, Tron was trading at $0.1521 with a market cap of over $13 billion, making it the 9th largest crypto. Our assessment of the token’s daily chart suggested that this bearish price trend might continue.
Realistic or not, here’s TRX’s market cap in BTC’s terms
The technical indicator MACD displayed a bearish crossover, while the Chaikin Money Flow (CMF) registered a sharp downtick.
Tron’s Relative Strength Index (RSI) also followed a similar trend, hinting at a continued price decline.
Source: TradingView
