Tron (TRX) has quickly emerged as the most trending asset in the cryptocurrency market, mainly due to the introduction of meme coin deployment tool SunPump.
According to Santiment, the Sunpump, which launched earlier this month, has facilitated the creation of over 7,000 new coins on the Tron network. This increase in activity coincides with a 22% increase in TRX’s market value, with the token peaking just above $0.165 earlier today before recently dropping to $0.1571.
These developments have put Tron at the forefront of meme coin-related activity and garnered significant attention from the cryptocurrency community.
According to the Santiment chart above, TRX has achieved the highest level of bullish sentiment among traders since 2017, suggesting widespread optimism. Social discussion about TRX has skyrocketed, reaching its highest level since 2021.
Further data from Santiment indicates that the success of SunPump has spurred an optimistic long-term outlook for Tron. This optimism suggests that there is potential upward price momentum for TRX in the medium term, despite expected short-term volatility.
According to Santiment, the increase in network activity has been driven by a surge in meme coin issuance, which has also led to increased TRON burns. These burns reflect an increase in demand for TRX, which has reduced the token's circulating supply.
Meme Coins Drive Tron’s Growth
Moreover, Tron's role has expanded significantly since the introduction of SunPump, with tokens such as SUNDOG gaining popularity and the community actively engaging in meme coin trading. This resurgence in meme coin activity mirrors an earlier phase in the market, when widespread interest led to a sharp price surge.
In addition to meme coin activity, the Tron ecosystem has also benefited from partnerships with hedge funds and other projects, which are expected to drive further growth. The influence of Tron founder Justin Sun has also been a key factor in the network's continued growth.
SunPump Generates $1.2 Million in Revenue
According to recent data, SunPump generated over $1.2 million in revenue in about two weeks after launch. On August 20, the platform achieved its highest ever single-day revenue, exceeding $2.76 million in TRX.
Tron’s dominance extends beyond meme coins and it continues to lead the stablecoin market: Tether, for example, recently minted an additional 1 billion USDT on the Tron network, contributing to a significant influx of liquidity.
Over the past year, roughly $19 billion worth of USDT has been minted on Tron, making up nearly 50% of Tether’s total supply.
Tron currently leads the way in weekly Tether transactions, handling over 77% of all transfers across the EVM chain. This increased activity has propelled Tron into the top 10 crypto assets by market cap, surpassing Cardano, which is valued at around $14 billion.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
