Get your weekly, bite-sized digest of meme coin news.
This week read about:
- Meme Coin News: Market Highlights
- Justin Sun’s SunPump Sees Nearly 8,000 Meme Coins Generated
- KAMA Coin Drops, While Kamala Harris May Adopt a More Crypto-Friendly Approach
- TRUMP Records One-Day Rise as Donald Trump Discloses Crypto Holdings
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Meme Coin News: Market Highlights
The meme market capitalization is down 2.5% today to $38.3 billion.
The majority of the meme coins are down today.
Looking at the much shorter green list, the best performer over the past 24 hours is YAWN. It’s up 114% to $0.003556.
It’s followed by SUNDOG’s 72% and Smoking Chicken Fish (SCF)’s 40%.
When it comes to the red list, the two biggest losses are 17.8% and 16.6% recorded by LandWolf (WOLF) and PUPS, respectively.
Three more coins have seen double-digit losses, while the rest are down below 10% each.
Meanwhile, four of the top 10 meme coins are up today.
TokenFi (TOKEN)’s 4.3% increase is the highest by far. The coin currently trades at $0.05907.
Floki Inu (FLOKI) is up 1% to $0.00012, while Memecoin (MEME) and Turbo (TURBO) are up below 1% each.
On the other hand, Dogecoin (DOGE) saw the biggest loss. It’s down 2.4% to $0.10007.
Bonk (BONK) and Dogwifhat (WIF) are down around 2.3% each.
Baby Doge Coin (BABYDOGE) is down the least: 0.9% to $0.05907.
Justin Sun’s SunPump Sees Nearly 8,000 Meme Coins Generated
On August 13, SUN.io, a DeFi platform on TRON, launched SunPump Beta, meant to stand as a rival to the popular Solana-based pump.fun.
It’s a platform that allows users to create meme coins on the Tron blockchain without coding.
For me, when it comes to the whole "Why TRON, why SunPumpMeme?" thing, the biggest flex is that $60 billion in TRON USDT @Tether_to . No other blockchain protocol's got a liquidity pool this massive. Memecoin platforms live and die by liquidity, and TRON's got it in spades. USDT…
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 18, 2024
It incorporates a joint curve pricing mechanism meant to provide direct and transparent access to token purchases.
Additionally, it has liquidity and burn mechanisms: when a meme coin’s market cap hits a predetermined threshold, the corresponding liquidity is automatically deposited into SunSwap V2 and subsequently burned.
Since the platform launch, more than 7,860 coins have been created, according to Dune Analytics.
Furthermore, these users spent over 2.7 million TRX to create and trade these coins. This amount currently corresponds to approximately $376,523.
Its best day so far was August 16, with 2,693 transactions.
On that day alone, the platform saw over 1 million TRX – more than all the previous days combined.
On August 18, Sun stated that the platform went through an upgrade to “handle any high traffic without affecting the user experience.”
He is also inviting centralized exchanges to “hit him up” to list SunPunp-based coins. “When it comes to CEXs, I vibe with a lot of them, but my top picks [are] HTX and Poloniex,” he said on Monday.
I got a feeling that a big wave of @sunpumpmeme meme tokens on TRON is about to hit centralized exchanges, and the FOMO is gonna be wild. When it comes to CEXs, I vibe with a lot of them, but my top picks? @HTX_Global and @Poloniex. That’s where it’s at!
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 19, 2024
KAMA Coin Drops, While Kamala Harris May Adopt a More Crypto-Friendly Approach
The battle between US Presidential candidates, Kamala Harris and Donald Trump, continues, and so does the battle between the coins associated with the two.
The popular Kamala Horris (KAMA) is down 10.4% over the past 24 hours. At the time of writing, it trades at $0.01025.
Its price fell 27.5% over the past week, while it increased 11.6% in the past month.
KAMA 1-month price chart:
Additionally, the coin is down nearly 74% from its all-time high seen in late July, while it’s up 1,565% from its all-time low recorded in mid-June.
Meanwhile, Harris has surpassed Trump on the Polymarket prediction market (51% to 47%). She has also been surpassing him in a number of polls.
Former US presidential candidate Vivek Ramaswamy recently argued that Harris may adopt crypto-friendly “verbiage” to try and appeal to the digital asset community.
“It’s just a matter of competing for votes that she’s going to adopt a thoughtful position,” Ramaswamy said.
Also, US Senator Kirsten Gillibrand suggested that, as a new president, Harris would facilitate a “balanced approach” to crypto regulation.
At a ‘Crypto For Harris’ town hall, Gillibrand said that “we’ve been working hard to develop a comprehensive cryptocurrency framework that enables entrepreneurs and businesses to innovate responsibly while also protecting consumers and cracking down on bad actors.”
“I’m sure that a future Harris administration would understand and facilitate that kind of balanced approach.”
TRUMP Records One-Day Rise as Donald Trump Discloses Crypto Holdings
Most Donald Trump-related meme coins are down today.
However, looking at the two largest ones, we find one down and one up.
MAGA Hat (MAGA) fell 0.6% today, trading at 0.00005686.
It is down 17% in a week and 63% in a month.
Overall, the coin is not performing well, having dropped more than 92% since its all-time high.
MAGA 1-month price chart:
At the same time, the largest coin in this category, MAGA (TRUMP) is up 0.8%, trading at $2.7.
Despite seeing a single-day increase, however, the coin is down 14% in a week and 60% in a month.
Additionally, it fell 85% since its all-time high.
TRUMP 1-month price chart:
Meanwhile, according to Arkham Intelligence, Trump’s wallet holds $3.6 million in crypto. This includes $1.29 million in ETH and $989,000 in wrapped ETH.
According to financial disclosures for the 2024 election, he said he has $5 million in crypto and has earned $7.2 million from his non-fungible token (NFT) ventures.
The post Meme Coin News: Justin Sun’s Meme Coin Generator Sees Nearly 8,000 Tokens Created appeared first on Cryptonews.
