Tron’s new meme coin launchpad SunPump has captured the attention of degen traders, overshadowing the once-dominant Solana-based platform, Pump.fun.
Blockchain data shows that SunPump has outpaced Pump.fun in the creation of new tokens over the past 24 hours.
More specifically, 7,352 new tokens have been launched on SunPump over the past day, surpassing Pump.fun’s 5,694 during the same period, according to Dune Analytics.
Pump.fun Gets a Serious Contender
Pump.fun has been a leading force in the meme coin space throughout the year, facilitating the launch of some of the most successful tokens, including Billy and Michi.
At its peak, Pump.fun saw over 20,000 tokens launched daily, generating more than $2 million in revenue.
However, the launch of SunPump last week has disrupted this momentum.
The shift began when Tron’s creator, Justin Sun, introduced SunPump, branding it as the “first meme fair launch platform.”
The sun
shines in the season of memes. https://t.co/lTsvWeBo76
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 13, 2024
The platform has quickly gained traction, with tokens like Sundog (SUNDOG) on Tron skyrocketing to a market cap of $190 million, far outpacing Pump.fun’s top token, Michi (MICHI), which stands at $61 million.
The rapid success has attracted the attention of traders, many of whom are now migrating from Solana to Tron, seeking better opportunities.
Notably, SunPump’s launchpad has demonstrated a higher “graduation” rate, with 1.98% of launched tokens being listed on Sunswap, Tron’s decentralized exchange, after meeting trading volume thresholds.
In contrast, only 1.26% of tokens launched on Pump.fun have made it to Raydium, Solana’s exchange.
The exodus from Pump.fun began last week as traders speculated that the platform had become oversaturated, with too many tokens flooding the market, making it difficult for any to achieve significant success.
Despite a decrease in the number of tokens launching on Pump.fun, the success rate remains barely above 1%, further fueling the shift to SunPump.
SunPump Boosts Tron’s Activity
The growing adoption of SunPump has significantly boosted Tron’s network activity.
Over the past 24 hours, Tron recorded 2.35 million active wallet addresses, the highest of any blockchain network, compared to Solana’s 967,000, according to DefiLlama.
Additionally, Tron has seen a surge in daily fees, hitting $3.84 million on Monday, the highest in its history, a sharp increase from its usual $1 million to $1.5 million range.
Meanwhile, the Tron Foundation and Sun are currently embroiled in legal disputes in the US.
Last year, the SEC sued Sun and the Tron Foundation, alleging that they engaged in the unregistered offer and sale of securities, manipulative trading, and illegal promotion of crypto assets, specifically Tron (TRX) and BitTorrent (BTT) tokens.
In response, Sun and his legal team moved to dismiss the lawsuit in April, arguing that the SEC lacks jurisdiction over foreign digital asset transactions conducted on global platforms.
The SEC, however, countered with a claim that Sun’s defense introduced a new argument related to the “common enterprise” prong of the Howey test, which determines whether an asset qualifies as a security.
On August 12, the SEC requested that the court either disregard this argument in Sun’s motion to dismiss or allow them to file additional responses.
However, Judge Ramos ruled in favor of the defense, stating that no new argument had been introduced and denying the SEC’s request.
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