Memecoin Frenzy Reaches Tron as Justin Sun-Backed SunPump Rakes in Big Bucks

As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of gold rushes and digital land grabs. The current meme coin craze, spearheaded by SunPump, is reminiscent of the early days of Bitcoin, where fortunes were made by those who dared to venture into uncharted territory.

In the past, merchants became extremely wealthy by selling shovels (tools) during the gold rush, as people needed them to mine for gold. Today, we see similar patterns emerging in the cryptocurrency market, where some individuals are profiting significantly from selling related products or services.

In just under two weeks since its launch, SunPump.meme – a new meme coin generator operating on the Tron network and supported by Tron founder Justin Sun – has amassed over $1 million in earnings. This innovative tool allows users to quickly create their own meme coins and trade them much like they would on a standard cryptocurrency exchange. The success of this product is largely due to the current trend among crypto traders for meme coins, with the majority of activity taking place within the Solana network’s ecosystem.

SunPump shares a comparable idea with the popular Solana app, Pump.Fun. In both platforms, users can pick an image, decide on the token quantity, opt for a particular theme, and mint new tokens at a modest cost of a few dollars.

As a researcher, I find that these digital assets become accessible on decentralized platforms when their market worth surpasses the threshold of $60,000 in Pump and $69,420 (a nod to internet memes) on SunPump.

In just a day, SunPump has been seeing an increase in popularity as indicated by Dune Analytics, with more than 7,300 tokens being created, resulting in approximately $585,000 in earnings. Meanwhile, Pump saw around 6,700 new token issuances during the same period, which brought in about $366,000.

Several meme coins launched on SunPump have created big paper profits for early buyers.

The “TDm2” address, monitored by the analytics tool Arkham, indicates that its owner transformed an initial investment of $1,000 into a substantial $400,000 through trades on SUNWUKONG, which is a nod to the recently-launched Chinese video game Black Myth: Wukong.

A different investor managed to multiply an initial $1,690 worth of SUNDOG into over $20 million within just six days. As of now, they possess approximately $19.5 million in SUNDOG spread across seven separate accounts, and have already transferred $1 million to various trading platforms. Arkham highlighted this information.

The platform’s popularity is driven, in part, by Sun’s bullish posts about the future of SunPump.

“He remarked, ‘This is only the start,’ during his Thursday post. ‘Our aim is to offer the finest service possible for all meme creators and enthusiasts within the field.'”

On Wednesday, Sun commented, “We’re just getting started. Let’s consider the numbers: With more than $60 billion in available funds, what kind of market potential lies ahead? At present, TRON meme’s total market cap stands at less than $200 million USD. Sky’s the limit!”

As a researcher, I’ve observed a significant surge in assets associated with Tron’s founder, Justin Sun, such as BTT, SUN, and JST. Over the last week, these assets have skyrocketed, with some showing an increase of up to 15%, according to data from CoinGecko.