SunPump outpaces Pump.Fun in daily memecoins
The cryptocurrency landscape witnessed a seismic shift with the debut of Tron's meme coin incubator, SunPump, swiftly capturing the interest of speculative traders and overshadowing the established Solana-based Pump.fun. This newcomer has indeed made a splash, outpacing its competitor in terms of token launches in the recent 24-hour cycle.
Until now, Pump.fun had been the go-to platform for some of the meme coin market's most explosive names—Billy, Michi, among others—thanks to its prolific token launch capabilities. At the height of its popularity, the platform facilitated the creation of upwards of 20,000 tokens daily, generating more than $2 million in revenue.
However, the tides have turned with the arrival of SunPump last week. Data from Dune Analytics shows that SunPump has recently overseen the launch of 7,352 tokens, surpassing Pump.fun's output of 5,694 tokens in the same timeframe.
Tron's innovator, Justin Sun, unveiled SunPump last Tuesday, branding it as the premiere platform for meme coin ventures. Since its introduction, the Tron-based Sundog (SUNDOG) has witnessed an unprecedented climb to a $190 million market capitalization, eclipsing all tokens initiated on Pump.fun, with Michi (MICHI) being its nearest competitor at a $61 million market cap.
This significant pivot in the meme coin industry from Solana's domain to Tron's, and from Pump.fun to SunPump, has caught the trading community by storm. It exemplifies how swiftly crypto traders will transition to new networks and platforms when presented with superior prospects, reminiscent of previous competitive strategies seen in the crypto exchange sphere.
SunPump's allure isn't merely speculative. The platform boasts a remarkable "graduation" rate, with 1.98% of its launched tokens qualifying for listing on Sunswap—a decentralized exchange on the Tron network—after achieving a predetermined volume of transactions. In comparison, Pump.fun sees 1.26% of its tokens advance to listing on the Solana exchange Raydium.
The growing disenchantment with Pump.fun began last week amid speculation that the platform's oversaturation with tokens was hampering the potential for significant traction, a necessary factor for advancement to Raydium. Although the volume of token launches has decreased this week, the success rate remains slightly above 1%.
As a direct consequence of this shift to SunPump, there's been a massive influx of users to the Tron network. This surge has propelled Tron to a new high of 2.35 million active wallet addresses in the last 24 hours, as reported by DefiLlama, placing it ahead of all other networks, with Solana trailing significantly.
Moreover, Tron has shattered its previous revenue records, amassing $3.84 million in fees on Monday alone. This is a stark increase from the daily fees collected pre-SunPump, which usually ranged between $1 million to $1.5 million, occasionally dipping below a million.
