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Memecoins have been one of the largest narratives of this bull run, with Solana-based ones leading the frenzy. The massive popularity led to the creation of platforms that facilitated the creation of these tokens. After the success of Solana’s Pump.fun, Justin Sun introduced the first memecoin launcher to the Tron Blockchain.
Justin Sun Introduces Tron-Based Memecoin Launcher
Following the memecoin frenzy, Solana’s launchpad Pump.fun has been in the spotlight since its creation in January 2024. The platform was created to “prevent rugs” and ensure all created tokens were safe. It also allows the community to launch tokens for less than $2 without presale and team token allocation.
Its popularity grew earlier this year among influencers and users who wanted to easily create tokens without the high cost or complexity of launching a project. Since then, high-profile celebrities have used the memecoin launcher to kickstart their crypto journey.
Nonetheless, Pump.fun has been heavily criticized for facilitating pump-and-dump schemes. Recent data has shown that the platform’s popularity has significantly decreased in the last few weeks, with the number of addresses created dropping by over 84%.
Amid the criticism, Defi protocol SUN.io introduced a Tron-based competitor to rival Pump.fun. Earlier this week, Justin Sun announced the Beta version of SunPump, the first memecoin launcher in the Tron Blockchain.
SunPump is a launchpad that “aims to provide all users with the most user-friendly and convenient meme trading experiences within the Tron network.” Per the announcement,” the platform will offer creators “a convenient and cost-effective token issuance solution.”
Additionally, creators can be part of the “888 TRX” Airdrop Event. The initiative offers an 888 TRX airdrop to all memecoin creators whose Bonding Curve reaches 100%.
Today, the platform announced the launch of a $10 million Meme Ecosystem Boost Incentive Program alongside Tron DAO. The initiative, exclusive for SunPump-launched tokens, “is designed to supercharge projects with resources and support to reach new heights.”
Sun also stated that transaction fees on the launchpad were reduced another 90% today, reaching a price as low as 0.352 TRX, worth $0.04576 per transaction.
Lastly, the project revealed that 100% of the protocol’s revenue would be used to buy back and burn SUN tokens to “support the sustainable development of the SUN ecosystem.”
SunPump Faces Backlash
Several community members expressed mixed feelings toward the news. Some X users consider Sun is late to the memecoin-party, while others called the project “the end of the memecoin era.”
Many criticized the launchpad’s similarity to its Solana counterpart and Sun’s “lack of originality.” Moreover, users called Sun out for “only” promoting the platform, suggesting that he promoted a Tron-launched memecoin as “there’s not enough people for us to make money.”
Some community members also suggested that the project only aimed to profit from fees after seeing Pump.fun’s revenue. As recently reported by Bitcoinist, the Solana launchpad surpassed blockchains like Ethereum and Tron by fees generated, with over $5.3 million.
Despite the criticism, two tokens recently launched in SunPump have reportedly surged above the $1 million market capitalization. Per the online reports, two animal-themed memecoins, SUNDOG and SUNCAT, saw a 50,000% and 25,000% increase a few hours after launching.
The dog-themed Tron memecoin reached a market capitalization of $33 million on Thursday night, which granted it to be listed on crypto exchanges Poloniex and HTX. According to CoinGecko data, SUNDOG’s market cap reached $60 million on Friday morning, currently at $57 million.
Tron (TRX) is trading at $0.1313 in the weekly chart. Source: TRXUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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