Tron’s new meme coin launchpad, SunPump, has gained traction among degen traders, surpassing the once-dominant Solana-based platform, Pump.fun. Data from the blockchain shows that SunPump has outpaced Pump.fun in the creation of new tokens over the past 24 hours, with 7,352 new tokens launched on SunPump compared to Pump.fun’s 5,694 during the same period. This shift in momentum began when Tron’s creator, Justin Sun, introduced SunPump as the “first meme fair launch platform,” disrupting Pump.fun’s dominance in the meme coin space.
Pump.fun has been a leading force in the meme coin space, launching successful tokens like Billy and Michi. However, with the introduction of SunPump, the platform has faced competition as traders migrate to Tron in search of better opportunities. SunPump’s launchpad has shown a higher “graduation” rate, with a larger percentage of tokens listed on Sunswap, Tron’s decentralized exchange, after meeting trading volume thresholds compared to tokens launched on Pump.fun. The success of tokens like Sundog (SUNDOG) on Tron, with a market cap of $190 million, has attracted the attention of traders, leading to the exodus from Solana to Tron.
The growing adoption of SunPump has significantly boosted Tron’s network activity, with 2.35 million active wallet addresses recorded over the past 24 hours, the highest among blockchain networks. Additionally, Tron has seen a surge in daily fees, reaching $3.84 million on Monday, the highest in its history. This increase in activity on the Tron network is a result of the success of SunPump and the tokens launched on the platform, drawing more users and traders to Tron from other networks.
However, amidst the success of SunPump and the boost in Tron’s network activity, the Tron Foundation and Justin Sun are facing legal disputes in the US with the SEC. Last year, the SEC sued Sun and the Tron Foundation, alleging unregistered offer and sale of securities, manipulative trading, and illegal promotion of crypto assets like Tron (TRX) and BitTorrent (BTT) tokens. While Sun and his legal team moved to dismiss the lawsuit, arguing that the SEC lacks jurisdiction over foreign digital asset transactions, the SEC countered with claims related to the Howey test, determining if an asset qualifies as a security.
On August 12, the SEC requested the court to disregard a new argument introduced by Sun’s defense in the motion to dismiss or allow additional responses. However, Judge Ramos ruled in favor of the defense, stating that no new argument had been introduced and denying the SEC’s request. Despite the legal disputes, the success of SunPump and the shift in momentum towards Tron from Solana indicate a changing landscape in the meme coin space. Traders are actively seeking new opportunities and platforms for launching tokens, with SunPump emerging as a serious contender to Pump.fun’s dominance in the market.
