SunPump, the newly introduced meme coin deployer on the Tron network, is seeing significant adoption in the industry. Following the release of the meme coin deployer, Tron (TRX) has risen to the top of trending cryptocurrency assets, sparking a wave of engagement and interest within the Tron ecosystem, as cited by leading market intelligence platform Santiment. This growing interest demonstrates the network's flexibility and its enduring importance in the dynamic world of digital assets.
Tron (TRX) Sees Historic Levels of Trader Interest
SunPump's debut on August 12 marked a historic moment for the Tron ecosystem, drawing prominent investor interest in the network and the TRX token. The introduction of the new meme coin has garnered attention as it helped TRX's market cap hit a high of around $0.165, an increase of over 22% in the past day, according to Santiment.
After analyzing the data, Santiment revealed that the platform's performance is generating long-term optimism, which suggests the likelihood of both short-term volatility and medium-term bullish price momentum for TRX is high. To that end, the platform points out several aspects of the network to watch as SunPump continues to attract investors.
TRX surges 22% after launch of Santiment Pump | Santiment on X
The first area the platform highlights is the increase in Tron's network activity. Santiment noted that since the debut of SunPump, there has been a significant increase in network activity, especially with regards to the meme coin's launch on Deployer. As a result, there has been a surge in TRX burns, suggesting that demand for the digital asset is increasing and supply is decreasing.
Another aspect worth noting is the popularity of meme coins. So far, they have played a central role on the network, with tokens such as SUNDOG gaining considerable popularity. Currently, trading of meme coins is thriving within the community, which is similar to meme seasons that have led to notable price increases in the past.
Santiment also believes that development and partnerships are key aspects of the network's evolution, as ongoing collaborations and efforts within the ecosystem, such as joint ventures with hedge funds and other projects, are expected to drive increased engagement and investment, which will impact the price of TRX.
Finally, Santiment pointed to the influence of the network's founder, Justin Sun, whose involvement and reputation could further lend credibility to the project. “Investors are optimistic about his ability to drive Tron's growth through challenges,” Santiment added.
SunPump surpasses major meme coin deployers
As meme coins continue to gain investor attention, Tron-based SunPump has overtaken other major meme coin adopters such as Solana-based Pump Fun and established itself as a major player in the highly competitive industry.
Market expert Adam revealed that SunPump has surpassed PumpFan in both token issuance and fees in the past 24 hours. According to data shared by the expert, SunPump has issued over 7,531 tokens and collected around $585,437 in fees, while PumpFan has issued 6,701 tokens and incurred $366,481 in fees.
TRX is trading at $0.156 on the 1D chart | Source: TRXUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
