- While TRX is thinking about retesting its seven-year ATH, Tron is growing quickly.
- Memecoin usage is increasing thanks to the SunPump platform, which is creating the excitement.
With all the attention on the TRON ecosystem, it’s possible that TRX, the native coin, may soon reach a new all-time high (ATH). The introduction of SunPump and the subsequent craze for memecoins have brought the Tron network to a whole new level.
Data from CoinGlass indicates that SunPump saw a 200% increase in trading volume. This emphasizes how well-liked the memecoin incubator is right now.
The Effect of SunPump on TRON’s Market Position
TRON saw $1.17 billion in trade in a single day thanks to the surge in trading volume. Similar to the trading volume, the price of the cryptocurrency has soared to all-time highs over the past week. It is getting close to the January 2018 high of $0.3004, which served as the previous ATH. As of this writing, TRX was trading for $0.2317, up 5.6%, according to statistics from Marketcap.
Because SunPump intends to compete with Ethereum and Solana as a memecoin incubation arena, investors’ faith in TRX was greatly increased. It has made over $1 million in income since its launch, which is an impressive accomplishment. The platform’s highest revenue performance was recorded on August 20, when it brought in almost $400,000 or 2.78 million TRX, according to data accessible on Dune Analytics.
Over the past week, there have been multiple outages on the SunPump website due to an increase in transaction traffic. Developers of the Tron ecosystem have had to put in extra hours to get things back up and running.
Concurrently, SunPump’s exceptional performance in the memecoin market directly affected Tron, as previously reported by CNF. Based on the coin’s market capitalization, Cardano (ADA) has been removed from the exclusive group of the top 10 cryptocurrencies.
With a $12.04 billion market capitalization, Tron is ranked 10th, while Cardano has dropped to eleventh place.
Memecoin Skeptics and TRON’s Adaptability
It is evident from the SunPump record activity that there is market interest in TRON. The platform’s transaction growth increased by 124% this week due to the favorable sentiment of investors, as we mentioned in our previous report.
In the meanwhile, users could anticipate additional adopters in the coming days, according to a post on X by Justin Sun, the founder of Tron, despite the tremendous rise of SunPump and its memecoin ecosystem. Sun expressed his optimism that SunPump will soon bring millions more people into the TRON ecosystem, citing his interactions with prominent memecoin community members.
It’s interesting to note that, despite SunPump’s success, some in the larger cryptocurrency community have questioned memecoins’ place in the ecosystem. This is not limited to the Tron Network. These critics also drew attention to pump.fun, a Solana-based company, and its declining trading volume performance. They contend that memecoins are worthless and have no longevity.
In spite of these objections, SunPump is poised to take the lead in the industry and benefit TRON.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
