Justin Sun, the man behind TRON, just dropped a new platform called SunPump for launching, trading, stake-mining, and self-governing memecoins on the TRON blockchain.
The timing couldn’t be better, with memecoins flooding the market and everyone from nerds to random celebrities jumping in for a slice of the pie.
SunPump goes head-to-head with Solana’s pump.fun. But unlike its rival, which has seen its share of shady projects, Justin told us SunPump will keep things clean. He also shared that:
“All protocol revenue earned by SunPump will be used to buy back SUN in a decentralized manner and then completely burn it, thereby returning the value to the protocol.”
SunPump vs. pump.fun: The showdown begins
Solana’s pump.fun has been raking in huge transaction volumes, with $5.3 million in fees clocked in just one day. That’s a lot of people throwing money at meme tokens.
But here’s the thing—pump.fun has been getting heat for letting scams slide through. The crypto space is full of fraud, and people are tired of getting rug-pulled. SunPump’s answer? Tight security.
Justin said the platform’s security and transparency are top priorities. Every project and creator goes through a vetting process before they’re allowed to get in on the action.
SunPump is designed to weed out the scammers and keep them from turning Satoshi’s gospel into a dumpster fire. Justin was like, “Let the community have a say, and maybe, just maybe, we can keep this memecoin thing from crashing and burning.”
SunPump projects that hit a $1 million daily trading volume for three days straight get listed on Poloniex. This means these new tokens get instant visibility and liquidity.
And just to make sure things don’t fizzle out, TRON and SunPump are pumping $10 million into a Meme Ecosystem Boost Incentive Program.
The program is set up to give new tokens the resources they need to survive, because we all know the hype dies down fast if there’s nothing backing it up.
The embarrassing meme coin cycle of 2024
2024 has been an embarrassing year for true crypto believers, thanks to celebrities deciding to crash our market’s party. And destroy it. One minute they’re skyrocketing, the next they’re tanking. Naturally.
Iggy Azalea’s token, MOTHER, started strong on Solana but didn’t hold up. The hype couldn’t sustain the price, and it dropped like a rock. The same goes for a bunch of other tokens, like the ones from Jason Derulo and Caitlyn Jenner.
Celebrity endorsements bring volatility, plain and simple. It ruins the market. It’s a cancer. Data from CryptoQuant shows that memecoin dominance in the altcoin market took a nosedive starting in mid-May 2024.
The hype was insane, but it wasn’t built to last. Celebrities “created” these tokens, made their money, and bailed. Now, the market’s cooling down, and the memecoins are starting to disappear little by little.
See also Uniswap Labs’ front-end fees exceed $50 million
Thanks to efforts from crypto detective ZachXBT, Ethereum creator Vitalik Buterin, and crypto billionaire Arthur Hayes among others, investors seem to finally know better now. But still. As Vitalik puts it:
“Things have hit an all-new bottom with 2024: racist, sexist, and other shitheaded memecoins which are merely a vehicle to transfer wealth from the many to the most obnoxious people on the planet.”
