Despite falling prices, the craze for trading dog and cat memes may be far from over—it’s simply branching out to new blockchains.
Tron’s flagship meme coin, Sundog (SUNDOG), is flying high since launching on August 15, making waves on Crypto Twitter as the network’s first buzzy meme coin. At the time of writing, its market cap has surged to $126 million after peaking at $260 million. In a recent buying frenzy, a single whale invested $450,000 in Sundog, sending its price soaring.
Entered at $50M mcap a few days ago, already hit $325M mcap. Agreed, this is $WIF speed. $SUNDOG already a winner. Now we aiming for the sun.
$1B mcap only 3x from current ATH. Liquidity flowing into Tron. TRX looking good, flagship in the making.Like I’ve said previously,… https://t.co/cN2kVVc5Ws
— ANBESSA (@Anbessa100) August 19, 2024
Last week, controversial Tron creator Justin Sun introduced SunPump, a token generator branding itself as the “first meme fair launch platform.” The network is positioned as a direct competitor to Solana’s Pump.Fun, as the name suggests.
The rapid rise of Sundog has drawn comparisons to Dogwifhat (WIF), the prominent Solana meme coin, due to its quick swing to popularity along with the memeability of the token.
Liquidity is rapidly flowing onto the Tron blockchain, but will the meme coin frenzy last on the network? One reason devs might be bullish is that Sun allocated $10 million to the platform through its Meme Ecosystem Boost Incentive Program to help support rising coins and avoid rug pulls that could strand traders with worthless, illiquid tokens.
The team tweeted that the program is “exclusively for tokens launched on SunPump, designed to supercharge projects with resources and support to reach new heights.” The team markets SunPump as a platform with “no rug pulls and no team allocation.”
Tron is currently outperforming other chains in revenue, with $1.06 million in the past 24 hours per data from DeFiLlama. According to data from Dune Analytics, over 11,000 tokens have been created on the SunPump launchpad. SunPump also recently announced an integration with DEX Screener.
It’s tron season baby
Be early. pic.twitter.com/TQaTkPJ1ll
— Yenni (@Yennii56) August 19, 2024
Is Tron poised to surpass ETH and SOL in the long term? Unlikely for now, but it’s quickly establishing itself as a player in the memecoin ecosystem. As for its longevity, that will depend on time, community reception, and whether or not users continue to launch coins on SunPump.
