SunPump Fuels Tron Meme Coin Boom, Turning Traders Into Millionaires As Solana Is Upstaged

Updated: 23 August 2024

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A meme coin boom on the Tron network’s SunPump is minting millionaires, with the Justin Sun-backed platform generating over $1 million in revenue in less than two weeks and outpacing Solana’s Pump.fun in activity and revenue over the past 24 hours.”

More than 7,500 meme coins were launched on SunPump in just the last day, generating $585K in revenue, according to Dune Analytics data. By comparison, Pump.fun saw 6,700 tokens created, earning $366K during the same period.

Traders Score Big Trading Meme Coins On Tron

Traders are reaping massive profits from these meme coins on SunPump, with some early buyers turning modest investments into millions almost overnight.

On-chain analytics platform Arkham Intelligence revealed in an Aug. 20 X post that one trader with the address “TT4S5,” who was one of the earliest buyers of SUNDOG, achieved a profit of $20.60 million in 6 days.

This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days

TT4S5 was one of the earliest SUNDOG buyers & purchased 104.33M tokens for $1.69K.

They currently hold $19.52M of SUNDOG across 7 addresses, and also sent $1.08M SUNDOG to exchanges – for a total profit of $20.60M. pic.twitter.com/ny9HW7qP8R

— Arkham (@ArkhamIntel) August 20, 2024

The trader bought 104.33 million SUNDOG tokens for $1.69K. Following a strong price surge, the trader’s holdings across 7 wallets have inflated to $19.52 million. This investor also sent $1.08 million in SUNDOG to exchanges over the past few days.

Another trader made $750K after purchasing $1,000 worth of SUNWUKONG, which is a tribute to a newly-released Chinese video game by the name of Black Myth: Wukong. The meme coin surged after Tron founder Sun changed his X profile picture to an image of Sun Wukong.

Tron Chalks Up Record Revenue

SunPump adjusted its fees from 1% on all transactions to a flat fee of 0.76 TRX yesterday, bringing the dollar amount down to around 1 cent.

Currently, the transaction fee for @sunpumpmeme on the TRON network has been reduced to 0.76 TRX per transaction, with an average fee of 0.118 USD per transaction. Very competitive fee rate! Let's rock and roll! pic.twitter.com/Jp9IqNYhYW

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 22, 2024

After transaction fees were reduced on the platform, the Tron blockchain achieved record revenue of $3.48 million in both the last two days, according to DefiLlama data.

This marked the first time the Tron network has generated revenue of more than $2 million in a single day since the blockchain was first launched in May 2018.