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- The total number of memecoins generated on Sun Pump has reached 73,000.
- Meanwhile, TRX bears dominated the market, with its value falling by nearly 3%.
Memecoins appear to be going nowhere as the ecosystem spreads from Solana (SOL) to other blockchains like Tron (TRX).
As Tron’s Sun Pump has recently gained popularity, generating revenue from the blockchain and creating buzz in the community. But will all this have a positive impact on TRX?
Sun Pump helps memecoins
Solana’s Pump.fun has been in the spotlight for several days now. But things have intensified as Tron’s Sun Pump has given Solana some tough competition.
To put this into perspective, Sun Pump, Tron’s memecoin generator, has to date created over 73,000 tokens, which was a promising number considering its recent launch.
Source: Dune
Interestingly, Justin Sun recently posted a tweet highlighting a new development in the Sun Pump ecosystem that could propel further growth in the days to come.
The tweet mentioned the specific plan for allocating Sun Pump protocol revenue to the community.
This initial proposal was to be submitted for community discussion. Once the final vote is passed, it will be officially implemented.
The platform’s revenues will be fully returned to the community through cash donations.
All revenue generated by Sun Pump will be converted into SUN/TRX LP tokens on Sunswap V2, which will then be sent to a blackhole address, ensuring that liquidity can never be withdrawn.
AMBCrypto then planned to take a quick look at Sun Pump’s stats. According to our analysis from Dune Analytics dataThe number of tokens listed on Sun Pump has exceeded 1.4k.
To date, the platform has generated revenue of $4,626,516, which represents 29,652,641 TRX. CoinGeckoSundog was the top memecoin on Sun Pump.
At the time of writing, the stock was trading at $0.255 with a market cap of over $255 million.
How is TRX doing?
Amidst all this, TRX failed to gain any bullish momentum. This came as a surprise as the market situation turned somewhat bullish. According to CoinMarketCapTRX price has dropped by almost 3% in the last 24 hours.
At the time of writing, Tron was trading at $0.1521 with a market cap of over $13 billion, making it the 9th largest cryptocurrency. Our assessment of the token’s daily chart suggests that this bearish price trend could continue.
Realistic or not, here it is TRX Market Cap in BTC Terms
The MACD technical indicator has posted a bearish crossover, while the Chaikin Money Flow (CMF) has registered a sharp decline.
Tron’s Relative Strength Index (RSI) also followed a similar trend, hinting at a continued price decline.
Source: TradingView
