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Justin Sun's Tron network has surpassed ethereum in daily revenue, fueled by the new memecoin craze via the SunPump launchpad.
According to DefiLlama, the Tron (TRX) blockchain generated over $3.8 million in revenue in 24 hours. The chain reached a new all-time high in daily fees as speculators jumped into the meta memecoin, which disrupted the TRX ecosystem.
Metas in the cryptocurrency space refer to emerging narratives that may or may not be fleeting. During this year and the current cycle, memecoins have been trending across major decentralized financial ecosystems, including ethereum (eth) and Solana (SOL).
The Tron memecoin craze began less than two weeks ago when SunPump debuted on August 9 as the first launchpad for a TRX-based meme fair. The first few days saw modest activity, with developers creating 200-300 tokens per day and trading primarily on the decentralized exchange Sunswap.
Interest in SunPump skyrocketed on August 20, with over 6,000 memecoins minted in a single day. Dune Analytics Dashboard Venture capital firm Hashed noted that there were at least 20,504 TRX-based memecoins as of August 21.
Sundog (SUNDOG), the most successful launch so far, reached a market cap of $260 million. Sunswap’s native tokens, SUN and TRX, have seen higher prices as the meme craze has solidified. TRX is up over 23.8% in the past week, but SUN’s 101.7% surge eclipsed Justin Sun’s flagship virtual currency.
Tron's abundant liquidity
Due to sufficient liquidity, Tron may be in a position to compete with Solana as a memecoin hotbed. Stablecoin issuers such as Tether (USDT) and Circle (USDC) continue to mint new tokens on the TRX chain and other networks.
Bitget chief analyst Ryan Lee told crypto.news in an Aug. 21 note that 19 million of the 33 million USDT minted by Tether over the past 12 months were issued on Tron. Lee added that 84% of Tether’s 10.9 million monthly active users operate on Tron, positioning Sun’s blockchain for increased memecoin trading in the coming weeks and months.
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Additionally, speculators have compared Sunswap to the Solana-based DEX Jupiter. The main thesis suggests that the TRX chain could get closer to Solana thanks to the shift in the memecoin meta.
Jupiter (JUP) has a fully diluted valuation of $7 billion and a market cap of $1 billion. In contrast, Sunswap’s SUN has a fully diluted valuation of $368 million with a market cap of $181 million, leaving ample room for growth.
