SunPump buoys Tron’s 24-hour revenue over Ethereum

Justin Sun’s Tron network has surpassed Ethereum in daily revenue, partly due to the new memecoin craze that followed the SunPump launch.

The Tron (TRX) blockchain has generated over $3.8 million in 24-hour revenue, according to DefiLlama. The chain has set a new record for daily fees as speculators jump on the memecoin meta, sweeping the TRX ecosystem.

Commodities in crypto refer to emerging narratives that may or may not be a passing fad. This year and throughout the current cycle, memecoins have trended across top decentralized finance ecosystems, including Ethereum (ETH) and Solana (SOL).

Tron’s memecoin craze began less than two weeks ago with the launch of SunPump as the first TRX-based meme fair launch platform on August 9. The early days saw modest activity as developers created 200-300 tokens daily and traded primarily on decentralized exchange Sunswap.

Interest in SunPump skyrocketed on August 20, with more than 6,000 memecoins mined in a single day. Venture capital firm Hashed’s Dune Analytics dashboard noted that there were at least 20,504 TRX-based memecoins as of August 21.

The most successful launch to date, Sundog (SUNDOG), has reached a market cap of $260 million. Sunswap’s native tokens SUN and TRX have both recorded higher prices as the meme craze solidifies. TRX jumped over 23.8% in the past week, but SUN’s 101.7% surge has outpaced Justin Sun’s flagship virtual currency.

Tron’s abundant liquidity

With sufficient liquidity, Tron could overtake Solana as the memecoin hub. Stablecoin issuers like Tether (USDT) and Circle (USDC) continue to mint new tokens on TRX’s chain and other networks.

Bitget chief analyst Ryan Lee told crypto.news in a note dated August 21 that of the 33 million USDT minted by Tether in the past 12 months, 19 million were mined on Tron. Lee added that 84% of Tether’s 10.9 million monthly active users are active on Tron, positioning Sun’s blockchain for more memecoin trading in the coming weeks and months.

Additionally, speculators have compared Sunswap to Solana-based DEX Jupiter, with the leading thesis suggesting that TRX’s on-chain could be moving closer to Solana thanks to the memecoin’s meta’s shift.

Jupiter (JUP) boasts a fully diluted valuation of $7 billion and a market cap of $1 billion. In comparison, Sunswap’s SUN has a fully diluted valuation of $368 million with a market cap of $181 million, leaving plenty of room for growth.