Justin Sun Bets on Memecoins with Tron-Based Token Developer

Tron founder Justin Sun’s decentralized finance (DeFi) protocol Sun.io has launched SunPump, which allows users to create memecoins on the Tron blockchain.

The platform will rival pump.fun, where trading fees hit an all-time high this week, totaling $5.3 million in 24 hours.

Memecoins, despite being primarily created for the purpose of humor, have become a significant part of the crypto bull market. Several companies, including SHIBA, PEPE, WIF, and FLOKI, have surpassed $1 billion in market cap. One of the most significant criticisms of platforms like pump.fun has been rug pulls by bad actors.

Sun addressed the issue in one of his interviews, saying, “We are committed to enhancing our review processes to address Rug Pull exploits, implementing community oversight, and promoting transparency to keep our users safe. SunPump thoroughly vets creators and projects to ensure they meet certain standards before they are allowed to publish on the platform.”

When asked what sets the two projects apart, Sun said that thanks to a partnership with crypto exchange Poloniex, projects with a daily trading volume of $1 million over three days will be eligible to be listed on the platform.

Tron and SunPump have raised $10 million for the Meme Ecosystem Incentive Program, designed to fund newly released tokens.