11-Day-Old Memecoin Deployer on Tron Generates Over $1.1 Million in Revenue

Tron's newly launched memecoin deployer, SunPump, has quickly gained recognition, garnering over $1.1 million in revenue within 11 days following its introduction.

The Justin Sun-backed memecoin platform amassed 7 million TRX in revenue on August 9 alone. Despite witnessing a brief downturn, SunPump has aided the creation of over 18,000 meme tokens.

SunPump Revenue Surge

Data from the analytics platform Dune reveal that SunPump has realized total revenues of 7 million Tron tokens (TRX) since its launch on August 9. SunPump recorded its highest revenue on August 20, when it deployed over 6,000 memecoins, amassing almost 2.78 million TRX worth about $400,000.

SunPump is a memecoin deployer that allows users to create and issue meme tokens on the Tron network. After deployment, these memecoins will automatically list on select decentralized exchanges once they reach a specific market cap.

So far, SunPump has witnessed the creation of 18,404 memecoins. This trend reflects the growing participation and interest in the memecoin platform.

However, accompanying this success was a notable challenge. On August 20, the platform experienced a temporary outage after witnessing unprecedented traffic." It came back on after staying down for about one hour, with all services fully restored.

Meanwhile, SunPump's launch has significantly impacted the Tron blockchain, with a notable spike in network activity. The network has been experiencing a rise in liquidity, with an allocation of $10 million from Sun's memecoin ecosystem boost initiative.

Also, DefiLlama data shows that, in the last 24 hours, Tron has amassed a revenue of $3.84 million, thrice its previous day's revenue of $1.06 million.

Meanwhile, SunPump's influence goes beyond just meme tokens. On August 20, Tether minted an additional 1 billion USDT tokens on the Tron blockchain.

This increased network activity has also impacted Tron's native token, TRX, which has recorded an over 5% price increase despite a broader market downturn.

Skepticism About Memecoin Market

Skeptics have questioned the utility and value of memecoins to the industry following their increased influx into the market. This concern escalated following the decline in the trading volume of Solana-based memecoins, which recently gained significant traction.

Moreover, data shows that many traders on the popular Solana memecoin deployer pump.fun are losing money amid the decline. Dune data shows that of over 1.7 million meme tokens deployed via Pump.fun since January, less than 1.5% reached a total value exceeding $63,000.

Here's a pie chart of pump fun traders:

60% lost money.

4.7% made no money.

24% made less than $100.

11.2% made more than $100.

3% made more than $1,000.

0.5% made more than $10,000.

People who have made more than $10K can barely even be seen on this... https://t.co/NETZsiDFGv pic.twitter.com/jUVSG0ZWnL

- Kermit (@crypto__kermit) August 18, 2024

Messari data engineer Mike Kremer highlighted the destructive dynamic often associated with memecoins. He noted that many experience rapid price inflation followed by significant sell-offs, leaving the tokens with little to no real value.

Despite these concerns, Justin Sun remains optimistic about the potential of memecoins. In a recent post on X, he emphasized the role of community in the success of these tokens.

The success of meme tokens isn't by chance. When every dev can build a community through a fair launch, gain everyone's support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency. Who would still pay for tokens with absurd valuations...

- H.E. Justin Sun (hiring) (@justinsuntron) August 19, 2024

He also stated that when developers can foster strong community support through fair launches, it can lead to widespread enthusiasm and loyalty.

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