Singapore, Singapore, August 29th, 2024, Chainwire
SunPump has garnered market attention within ten days of its debut. The market cap of its flagship project, Sundog, a meme coin built on TRON, has surpassed $200 million. The platform now boasts 20,000 daily active users.
From August 20 to 22, Justin Sun, founder of TRON and a member of the HTX Global Advisory Board, engaged in in-depth discussions with leading crypto influencers and representatives from meme projects including SunDog, SunCat, Sunwukong, FOFAR, and SunRats in X Space, focusing on the future of SunPump and the potential of the meme sector.
SunPump's Role in the Crypto Space
Justin Sun had been vigorously promoting SunPump through social media. During a recent X Space discussion, he offered a clearer perspective on how SunPump integrates into the broader cryptocurrency ecosystem.
“TRON supports a three-layer architecture. The first is the widely recognized stablecoin payment tier. As a leading stablecoin payment platform, TRON surpasses both Ethereum and Solana in daily revenue. The second is the DeFi layer, which provides relatively stable yields. The third, SunPump, is essentially a product of the maturity of DeFi and blockchain performance, focusing on high-risk, high-reward investment opportunities.”
Justin Sun highlighted that while the meme coin sector remains in its infancy, TRON adopts a long-term approach, concentrating on the gradual development of a solid infrastructure and the continuous improvement of user experience to accommodate all users.
Sun stated that SunPump is positioned to compete directly with other meme coins on Solana, leveraging several advantages:
Strong Team: The SunPump team has conducted extensive research on the meme market, understanding the needs of current investors, while while accurately predicting the potential user base. Their deep understanding of memes ensures the delivery of top-notch products.
Liquidity Support: With over $60 billion in stablecoins issued and more than 2 million daily active users, TRON significantly outperforms Solana. The high trading volume of USDT and TRON's large user base provide substantial liquidity for the meme market on TRON.
Community Support: Sunpump has benefited from strong community support, particularly from Asia, which has given it a solid user base.
Commitment to Enhancing Infrastructure: SunPump has partnered with prominent crypto companies like DWF Labs, and plans to collaborate with more ecosystem builders to drive global expansion.
Next Moves for SunPump: Enhancing UX, Project Quality, and Market Cap
With the meme coin sector heating up and competition intensifying, SunPump is focused on maintaining its momentum, with Justin Sun outlining the platform's next steps as follows:
Improving User Experience: SunPump aims to enhance the trading experience, reduce transaction fees, and increase platform exposure.
Attracting High-Quality Projects: Sunpump aims to bring more premium meme projects to TRON, injecting vitality and contributing to its market capitalization growth, which currently stands at $1.1 billion.
Boosting Project Market Caps: SunPump will support high-quality projects with the necessary funding, technological support, and resources to boost their market capitalization. A notable increase in market cap signifies a project's strength and recognition. Achieving a market cap of over $1 million signifies that a meme coin has successfully moved beyond the incubation stage.
The Golden Age of Meme Coins: Opportunities and Challenges
Many public blockchains use their flagship meme coins to attract attention and liquidity to their ecosystems. Despite the meme market having thrived for months, launching a new platform for issuing and trading meme coins demands courage and extensive planning.
Lovely, a special guest on Space, noted that some platforms are closely monitoring meme coins due to their resilience in both bull and bear markets.
“Unlike the previous two bull markets, this one has seen a more dispersed market capitalization for meme coins. Many small-scale projects have proven to be highly profitable. Concurrently, the duration for which meme coin market capitalization has exceeded $50 billion has been prolonged, indicating a more stable and enduring meme market. As the overall cryptocurrency market continues to expand, meme coin market capitalization is expected to exhibit a similar growth trend. Besides, the notable increase in the growth multiples of meme coin market capitalization not only underscores the strong profitability of meme coin issuances but also suggests that there may be even greater profit potential in the future. Therefore, the next 2-3 years are anticipated to remain a golden age for meme coins. "
Josephine, the head of SunPump, stated that TRON and SunPump are committed to fully supporting outstanding meme projects in terms of funding, traffic, and technology; however, given the prevalence of rug pulls in the meme market, they will implement rigorous audits and investigations to ensure maximum protection of user assets.
About HTX
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables HTX to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing the company's position as a global gateway to Web3.
Contact
Mona Mona.yuan@htx-inc.com
Disclaimer: Press release sponsored by our commercial partners.
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