Justin Sun’s Tron network has overtaken Ethereum in daily revenue, driven by the recent memecoin surge via the SunPump launchpad.

According to DefiLlama, the Tron blockchain generated over $3.8 million in 24-hour revenue. The chain achieved a new all-time high in daily fees as speculators embraced the memecoin trend within the TRX ecosystem.

In the cryptocurrency world, “metas” refer to emerging narratives that may or may not be transient. This year, memecoins have become popular across leading decentralized finance ecosystems, including Ethereum and Solana.

Tron’s Memecoin Craze

Tron’s memecoin craze began less than two weeks ago when SunPump debuted on August 9 as the first TRX-based meme fair launch platform. Initially, activity was modest, with developers creating 200-300 tokens daily, primarily traded on the decentralized exchange Sunswap.

Interest in SunPump surged by August 20, with over 6,000 memecoins issued in a single day. A Dune Analytics dashboard by Venture Capital firm Hashed noted at least 20,504 TRX-based memecoins as of August 21.

Successful Launches

Sundog, the most successful launch yet, peaked at a $260 million market cap. Sunswap’s native tokens SUN and TRX have recorded higher prices as the meme craze solidified. TRX has jumped over 23.8% in the last week, but SUN’s 101.7% surge has outpaced Justin Sun’s flagship virtual currency.

Tron’s Abundant Liquidity

Thanks to sufficient liquidity, Tron may be positioned to rival Solana as the memecoin hub. Stablecoin issuers like Tether and Circle continue minting new tokens on the TRX chain and other networks.

Bitget chief analyst Ryan Lee noted that 19 million of the 33 million USDT minted by Tether in the past 12 months were issued on Tron. Additionally, 84% of Tether’s 10.9 million monthly active users operate on Tron, positioning Sun’s blockchain for more memecoin trading in the coming weeks and months.

“That’s the beauty of blockchain.” — Justin Sun

Comparisons and Market Potential

Speculators have compared Sunswap to Solana-based DEX Jupiter. The leading theory suggests that TRX’s chain could edge closer to Solana due to the shifting memecoin trend.

Jupiter boasts a $7 billion fully diluted valuation and a $1 billion market cap. Conversely, Sunswap’s SUN has a $368 million fully diluted valuation with a $181 million market cap, indicating significant growth potential.

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