Can SunPump Compete with Meme Coin Solana?

Bittime - The Tron ecosystem has recently shown rapid growth thanks to the success of the memecoin SunPump. 

This development triggered a spike in activity on the Tron Network which resulted in an energy shortage, as revealed by Justin Sun. 

Sun, one of the founders of Tron, revealed that they will propose increasing the energy limit to significantly reduce energy and transaction costs on the Tron Network.

Memecoin SunPump's Drastic Rise

Memecoin SunPump has attracted huge attention with a market value surpassing $200 million, signaling early success. The launch of the Sundog memecoin on the SunPump platform has caused a significant spike in activity on the Tron Network. 

In the last 24 hours, Sundog's price surged by 42%, trading at $0.2323 with a market cap of $232 million. This memecoin has risen 256% in just under a week since its launch.

Sundog's price increase also had a positive impact on Tron's native cryptocurrency, TRX, which saw a 12% increase in the last 24 hours, reaching $0.1644. TRX's daily trading volume also jumped by 140%. 

Data from LookonChain shows that Tron Network's daily revenue hit a new record high of $3.84 million amidst the SunPump craze.

Competition with Memecoin Solana

2024 has been a very profitable year for the memecoin industry as a whole, with Solana-based memecoins leading the market. 

The launch of the SunPump platform on Tron comes at the right time to capitalize on this momentum. 

However, it appears that Tron is preparing to take market share from Solana, similar to what Solana did to Ethereum. 

While Tron-based memecoins like SUNDOG are making rapid progress, Solana-based memecoins like Dogwifhat (WIF) and BONK are facing strong selling pressure. On the weekly chart, both tokens are down around 8-9%.

With the surge in activity on the Tron Network and the rapid growth of SunPump, there is no doubt that the competition between Tron and Solana memecoins is getting fiercer. 

Is SunPump able to shift Solana's position in the memecoin market? Only time will tell, but recent developments suggest that Tron is poised to capture a larger market share.

Conclusion

The huge success of SunPump memecoin on the Tron Network shows the potential for strong competition with Solana-based memecoins. 

The energy limit increase proposed by Justin Sun and the surge in activity on Tron show that Tron is not only strengthening its position but also has the potential to unseat Solana's dominance in the memecoin industry. 

This development deserves attention from investors and crypto market observers.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.