Tron’s new meme coin launchpad SunPump appears to have stolen the attention of degen traders from leading Solana platform Pump.fun, with the recently launched rival responsible for more new tokens over the last day.
Pump.fun has dominated this year’s meme coin market with many of the biggest winners—such as Billy, Michi, and more—having launched via the protocol. At its peak, Pump.fun was being used to launch over 20,000 tokens a day, drawing over $2 million in revenue as a result.
But these numbers have taken a hit since SunPump launched last week. And over the past 24 hours, SunPump has been used to launch 7,352 tokens, according to blockchain data from Dune, while Pump.fun has fallen behind with 5,694 new tokens during the same span.
Last Tuesday, Tron creator Justin Sun introduced SunPump to the world, with the token creator branded as the “first meme fair launch platform.”
Since then, Sundog (SUNDOG) on Tron has skyrocketed to a $190 million market cap. In doing this, it surpassed every token launched so far on Pump.fun, with Michi (MICHI) being the closest at $61 million.
The sudden shift of meme coin momentum from Solana to Tron, and from Pump.fun to SunPump, has turned the heads of traders. It has also shown that many crypto traders will rapidly switch networks and platforms when a better opportunity emerges, as seen with past “vampire attacks” from exchanges and marketplaces trying to lure away users.
It’s not all hype, either. SunPump also has a higher “graduation” rate, with 1.98% of launched tokens being listed on Sunswap—a Tron decentralized exchange—over the last day after hitting a certain trading volume threshold on the launcher. Comparatively, Pump.fun’s equivalent rate for tokens being listed on Solana exchange Raydium is 1.26%.
Meme coin traders began to turn on Pump.fun last week as degens speculated that too many tokens were flooding the platform, limiting the chances of any getting enough traction to make the jump up to Raydium. While fewer tokens are launching this week, the percentage of successful projects still isn’t far above the 1% mark.
With the migration of degens to SunPump, a swarm of users have been onboarded to the Tron network. In turn, Tron has seen 2.35 million active wallet addresses over the past 24 hours, according to DefiLlama, the most of any network, with Solana well behind at about 967,000.
It’s gonna stay strong. https://t.co/u9RlIGoTKd
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 21, 2024
Tron has also brought in the most daily fees in its entire history, raking in $3.84 million on Monday. Before the launch of SunPump, Tron daily fees typically fell in the $1 million to $1.5 million range, sometimes falling below the million-dollar mark.
“It’s gonna stay strong,” Sun posted on Twitter, in response to Tron’s rising revenue.