SunPump has generated over US$1M in volume, with tokens like Tronny (TRNY) and BULL experiencing dramatic price surges of 1,900% and 5,000% in just a few days.Tron Memecoin Frenzy Sees More Than $1 Million Funds in SunPump
BULL’s rapid rise to a US$200 million market cap in one day sparked accusations of insider trading, with critics suggesting that the token’s surge was manipulated.
Some traders have made substantial profits as the Tron memecoin frenzy continues, with one user turning US$1,690 into US$20M.
The memecoin frenzy on the Tron network is far from over as SunPump, the counterpart of Solana’s PumpFun, has generated over US$1M in volume. One particular coin, Tronny (TRNY), was launched roughly six hours ago and has surged over 1900%.
Another coin, BULL, caused quite a stir after its “fair launch”, as one user on X said. The user highlighted how the coin reached US$200M (AU$295M) in just one day, a 5,000% surge. Most of the comments were filled with criticism towards the coin, stating that insider trading is likely behind the surge.
“You and I both know this is probably 90-95% bundled and you are the dev again”, one user said.
Many other tokens generated insane returns in the past days (or hours), with one trader betting US$1,000 (AU$1,475) and receiving US$400,000 (AU$590,000) in returns. I know that’s enough to ruin your day, but keep in mind another user transformed US$1,690 (AU$2,492) into US$20M (AU$29.5M) in just six days.
Tron Network on Fire
SunPump reduced its transaction fees to a flat 0.76 TRX on Sunday, equivalent to 0.10 cents. This move and the platform’s growing popularity have positively impacted the Tron network, which recently hit a record US$3.48M (AU$5.13M) in daily revenue, its highest since its launch in 2018.
Moreover, TRX has surged over 3.4% in the day and 21% on the weekly chart, outperforming major tokens like Bitcoin and Ethereum. TRX’s 24-hour trading volume has also soared 40%. Other Tron-based assets, such as BTT, SUN, and JST, have also seen significant gains.
Most DeFi projects on the Tron network have also witnessed a surge in total value locked (TVL). Overall, the Tron ecosystem is booming, and it seems memecoins are a significant force behind that trend.
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