- SunPump has generated over US$1M in volume, with tokens like Tronny (TRNY) and BULL experiencing dramatic price surges of 1,900% and 5,000% in just a few days.
- BULL’s rapid rise to a US$200 million market cap in one day sparked accusations of insider trading, with critics suggesting that the token’s surge was manipulated.
- Some traders have made substantial profits as the Tron memecoin frenzy continues, with one user turning US$1,690 into US$20M.
The memecoin frenzy on the Tron network is far from over as SunPump, the counterpart of Solana’s PumpFun, has generated over US$1M in volume. One particular coin, Tronny (TRNY), was launched roughly six hours ago and has surged over 1900%.
Related: Tron Overtakes Solana, Ethereum in Daily Revenues Amid SunPump Surge
Another coin, BULL, caused quite a stir after its “fair launch”, as one user on X said. The user highlighted how the coin reached US$200M (AU$295M) in just one day, a 5,000% surge. Most of the comments were filled with criticism towards the coin, stating that insider trading is likely behind the surge.
“You and I both know this is probably 90-95% bundled and you are the dev again”, one user said.
Many other tokens generated insane returns in the past days (or hours), with one trader betting US$1,000 (AU$1,475) and receiving US$400,000 (AU$590,000) in returns. I know that’s enough to ruin your day, but keep in mind another user transformed US$1,690 (AU$2,492) into US$20M (AU$29.5M) in just six days.
Tron Network on Fire
SunPump reduced its transaction fees to a flat 0.76 TRX on Sunday, equivalent to 0.10 cents. This move and the platform’s growing popularity have positively impacted the Tron network, which recently hit a record US$3.48M (AU$5.13M) in daily revenue, its highest since its launch in 2018.
Moreover, TRX has surged over 3.4% in the day and 21% on the weekly chart, outperforming major tokens like Bitcoin and Ethereum. TRX’s 24-hour trading volume has also soared 40%. Other Tron-based assets, such as BTT, SUN, and JST, have also seen significant gains.
Related: Tron Continues Network Growth as Cardano Drops Out of Top Ten Market Cap Ranking
Most DeFi projects on the Tron network have also witnessed a surge in total value locked (TVL). Overall, the Tron ecosystem is booming, and it seems memecoins are a significant force behind that trend.
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