TRON network now steals the show as it makes record-high 24-hour revenue of $3.84M. The event comes just eleven days after the launch of the Sundog memecoin sensation on August 15. Sundog is deployed by the SunPump platform, which made headlines after bagging $1.1 million in revenue.
Justin Sun, the co-founder of TRON, shared “SunPump,” a token farm that he labeled as possibly the “first meme fair launch platform,” in his Tweet last week.
SunPump and DWF Partnership
Some people are moving fast, others need to catch up. https://t.co/i8gtu0iZHv
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 21, 2024
SunPump has officially come into partnership with DWF Labs. This move is destined to confer massive resources and reach the entire SunPump ecosystem while complementing its aim of delivering a fair launch devoid of any form of rug pull. As a significant player in the development of digital asset market making and investment, DWF Labs will ensure that SunPump projects receive all manner of strategic help they need to chart new ambitious paths of success. Users can expect more liquidity, improved market forces, and a power backing that will soar the Hotness of meme coins on SunPump to unparalleled heights, positioning TRON in a place no one can take it away from.
.@sunpumpmeme is a fully decentralized and neutral platform that will treat everyone in the world with kindness. 🌞
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 15, 2024
TRON fueling the Memecoin Frenzy
Many investors have noticed the revenue growth for the TRON blockchain, perhaps revealing a hidden gem in terms of impact comparable to other leading chains within the space. This new revenue peak is a vital sign of the activity and how much liquidity has been flowing into the TRON blockchain due to meme coins like this being so popular now, as well as more development happening within its ecosystem.
So far, netizens are suggesting that the TRON blockchain may soon surpass Solana on its ape coin trading ranking. To top it off, Tether additionally initiated 1 billion new USDT tokens on the TRON network. The combination of this and the success behind Sundog / SunPump has resulted in TRON becoming a household name within meme coin communities, which have jump-started their newfound revenue stream.
Will TRX Prices Rise or Dip?
On-chain data shows a significant rise in returns, particularly for those who have been holding TRX for a longer period. The one-year holding period is where the most important gains are seen, too, with a return rate of nearly +120 %. This presents long-term investors who have been in TRON.
The trend as a whole was inspired by TRON’s recent successes, such as massive revenues and innovative meme coins like Sundog finally seeing immense success on its network.
However, it is essential to note that the Relative Strength Index (RSI) suggests TRX may be overbought. If an RSI is overbought, then this indicates the price has been pushed higher (almost 96%) than what fundamentals can justify, and the potential for a trend reversal is very high.
