Sun.io, a decentralized finance (DeFi) protocol linked to Tron founder Justin Sun, has introduced SunPump, a new platform enabling users to create memecoins on the Tron blockchain. This move positions SunPump as a direct competitor to Solana’s popular pump.fun platform, where transaction fees recently hit a record high of $5.3 million in 24 hours.
Memecoins, often created as jokes, have played a significant role in the recent cryptocurrency bull market, with coins like SHIBA, PEPE, WIF, and FLOKI surpassing $1 billion in market capitalization.
However, platforms like pump.fun have faced criticism for allowing bad actors to create memecoins cheaply and execute rug pulls, where they abandon a project after investors have added value.
To counter these concerns, Justin Sun stated that SunPump is committed to improving review processes, introducing community oversight, and promoting transparency to protect users. “SunPump conducts a thorough vetting of creators and projects before they are allowed to launch on the platform, helping to ensure that they meet specific standards of integrity,” Sun emphasized.
A distinguishing feature of SunPump is its partnership with the crypto exchanges Poloniex and HTX.
Projects on SunPump that maintain a daily trading volume of $1 million for three consecutive days will be eligible for listing on the platform.
Additionally, Tron and SunPump have pooled $10 million to create the Meme Ecosystem Boost Incentive Program, aimed at providing resources and support for newly launched tokens.
Memecoin trading on the Tron Network has already seen significant success, with some traders achieving substantial returns.
For instance, one trader, known as “TEP7…T1da,” turned an investment of 5,000 TRX ($650) into 522,840 TRX ($68,000) in just 7 hours by trading the memecoin SUNDOG, realizing a 104x return. The trader still holds 2.29 million SUNDOG tokens, valued at $76,000 in unrealized profits.
In another example, the memecoin SUNCAT increased by 25,000% in value, reaching a market cap of $1 million after just 9 hours of trading on the Tron network.
