- SunPump crossed $1 million in revenue in 11 days since launch.
- The Tron blockchain is also recording massive revenues due to SunPump’s popularity.
As a seasoned researcher with a keen eye for trends and patterns in the cryptocurrency market, I must admit that the rapid success of SunPump has left me both astounded and intrigued. In my 10+ years of studying and analyzing blockchain technologies, I’ve seen many projects rise and fall, but none have reached such heights so swiftly. The $1 million in revenue within just 11 days is a testament to the power of community engagement and the allure of memecoins.
11 days after its launch on August 9, SunPump – a memecoin generator backed by Justin Sun and based on Tron – managed to generate more than $1 million (or around 7 million Tron) in revenues on August 20. This impressive milestone was also marked by other significant achievements, such as recording the highest single-day revenue ever for the platform. On that day alone, it earned approximately 2.78 Tron worth about $400,000. Moreover, users created over 6,000 new memecoins on the same day.
SunPump’s team might not have anticipated such high traffic levels, causing a temporary shutdown. On X, Sun acknowledged this issue by saying, “SunPumpmeme is dealing with unforeseen traffic surge. We’re actively working on expanding our capacity, and normal service will be resumed within 15 minutes. Thank you for your patience!” Later, they updated that the platform services had been successfully restored.
A significant portion of the finances coming into the project is organic, but it’s also worth noting that the Meme Ecosystem Boost Incentive Program launched by Sun and Tron, which provides $10 million to selected projects, has significantly boosted the inflow of funds. This substantial liquidity is not only aiding the chosen projects but also contributing positively to the broader Tron blockchain ecosystem. In the last 24 hours alone, it generated revenues amounting to $3.84 million. Undeniably, these impressive figures are partly due to SunPump’s influence.
Source: DeFiLlama
Memecoins Still Arouse Doubt in Many
As the popularity of the meme token creator has solidified its place within the Tron community, some people express skepticism towards meme coins in general. They believe that these tokens are untrustworthy, as a large number of projects culminate in the familiar tale of pump-and-dump schemes. In reality, it’s been shown that traders who engage with Solana-based Pump Fun tokens tend to lose more money than they gain.
Instead, Sun praised memecoins saying, “The prosperity of meme tokens isn’t due to luck. With each developer able to build a supportive community through a fair introduction, gain broad backing, and nurture excitement and devotion, that community can reap the rewards of the cryptocurrency’s success.”
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2024-08-22 09:34