SunPump meme coin on the Tron network broke the barrier of $1 million in just 11 days of its launch. In the meantime, the asset went through a certain dawntime but reemerged and created over 18,000 tokens.
According to Dune analysis data, the token was launched on August 9 and generated a total revenue of 7 million Tron since its launch. The biggest day in terms of revenue for SunPump was August 20, when it earned almost 2.78 million TRX which is worth $400,000, and created 6,000 meme coins.
Source: Dune
On August 20, the network of the token suddenly went down due to unexpected traffic, however, the developers worked efficiently, and the system was restored roughly after an hour. Justin Sun also updated his status on X, telling his audience about the recovery of the system.
The launch of the SunPunp token resulted in increasing liquidity on the Tron network and Sun’s Meme Ecosystem Boost Incentive Program also helped in providing liquidity of around $10 million.
Tether also provides funding of 1 billion Tether worth of Tron on the blockchain on August 20. Total revenue generated by the Tron network in the last 24 hours exceeded $2.17 million as per the data of DefiLlama.
Ongoing Debate Surrounds Memecoin Value
Memecoins have sparked controversy within the crypto industry, and more and more people doubt the feasibility of such tokens, while the trading volumes of Solana-based memecoins are declining. Other more recent flared data also indicates that the majority of dump memecoin traders on Solana’s platform are losing money.
Since the launch of SunPump, a total 1.7Million of tokens have been launched, and only 1.5% of them reached a total sum of $63,000.
Source: Dune
Messari data engineer Mike Kremer stated in the Aug. 19 newsletter that he deemed memecoins to be destructive. He said that their prices go up when insiders plan to sell the coins, to which the coins have no fundamental value or application.
However, the token kept its pace and remained positive in memecoins, and Justinian posed on X saying that the success of the token is not by chance.
“When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency,” Sun wrote.
BullPerks’s co-founder, Constantin Kogan, is quite familiar with memecoins; he insists that those are crucial in the crypto world, referring to them as one of the divisions that are still rapidly developing within the industry.
