Anika Begay
Memecoins have been one of the biggest narratives of this bull run, with Solana-based ones leading the frenzy. The huge popularity has led to the creation of platforms that facilitate the creation of these tokens. After the success of Solana’s Pump.fun, Justin Sun introduced the first memecoin launcher on the Tron Blockchain.
Justin Sun Introduces Tron-Based Memecoin Launcher
After the memecoin frenzy, Solana’s Pump.fun launchpad has been in the spotlight since its creation in January 2024. The platform was created to “prevent carpetbagging” and ensure that all tokens created are safe. It also allows the community to launch tokens for less than $2 without pre-sales and team token allocation.
Its popularity grew earlier this year among influencers and users who wanted to easily create tokens without the high costs or complexity of launching a project. Since then, high-profile celebrities have used the memecoin launcher to kickstart their crypto journeys.
However, Pump.fun has been heavily criticized for facilitating pump-and-dump schemes. Recent data has shown that the platform’s popularity has significantly declined in recent weeks, with the number of addresses created dropping by over 84%.
Amid criticism, Defi protocol SUN.io has introduced a Tron-based competitor to rival Pump.fun. Earlier this week, Justin Sun announced the Beta version of SunPump, the first memecoin launcher on the Tron Blockchain.
SunPump is a launchpad that “aims to provide all users with the most user-friendly and convenient meme trading experiences within the Tron network.” According to the announcement, “the platform will provide creators with a convenient and cost-effective token issuance solution.”
Additionally, creators can participate in the “888 TRX” Airdrop event. The initiative offers an airdrop of 888 TRX to all memecoin creators whose Bonding Curve reaches 100%.
Today, the platform announced the launch of a $10 million Meme Ecosystem Boost incentive program alongside Tron DAO. The initiative, exclusive to tokens launched by SunPump, “is designed to empower projects with resources and support to reach new heights.”
Sun also said that transaction fees on Launchpad were reduced by another 90% today, reaching a low of 0.352 TRX, or $0.04576 per transaction.
Finally, the project revealed that 100% of the protocol’s revenue would be used to buy back and burn SUN tokens to “support the sustainable development of the SUN ecosystem.”
SunPump faces backlash
Several members of the community expressed mixed feelings about the news. Some X-ers believe that Sun is late to the memecoin party, while others have called the project “the end of the memecoin era.”
Many criticized the launchpad’s similarity to its Solana counterpart and Sun’s “lack of originality.” Additionally, users accused Sun of “only” promoting the platform, suggesting that he promoted a memecoin launched by Tron because “there aren’t enough people to make money on it.”
Some community members have also suggested that the project was just looking to profit from fees after seeing Pump.fun’s revenue. As Bitcoinist recently reported, Solana’s launchpad has surpassed blockchains like Ethereum and Tron in fees generated, with over $5.3 million.
Despite the criticism, two recently launched tokens in SunPump have reportedly surpassed the $1 million market cap. According to online reports, two animal-themed memecoins, SUNDOG and SUNCAT, saw a 50,000% and 25,000% increase within hours of launch.
The dog-themed memecoin Tron hit a market cap of $33 million on Thursday evening, which earned it a listing on cryptocurrency exchanges Poloniex and HTX. SUNDOG’s market cap hit $60 million on Friday morning, and is currently trading at $57 million, according to CoinGecko data.
Tron (TRX) is trading at $0.1313 in the weekly chart. Source: TRXUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
