- TRON’s SunPump is driving explosive growth in the memecoin market, outpacing Cardano in market capitalization.
- Cardano’s declining activity and investor caution have pushed it out of the top 10, while TRON surges ahead.
Following the recent update by CNF on analysts making the case for TRX as its founder bets on memecoins, Tron being poised for a 150% rally was questioned. According to the latest update, TRON’s memecoin ecosystem is witnessing significant growth, becoming a key player in the market with over 1,000 new coins launched daily via the SunPump protocol.
Referring to a revelation shared in a recent tweet by Lookonchain, since SunPump launched, 4,844 MEMEcoins have been created on the Tron Network, generating a revenue of 1.84M $TRX ($246.6K). Launched on August 13, 2024, SunPump allows users to create memecoins quickly without needing technical expertise.
Since #SunPump launched, 4,844 #MEMEcoins have been created on #TronNetwork, bringing a revenue of 1.84M $TRX($246.6K). pic.twitter.com/R8n7wZHUiy
— Lookonchain (@lookonchain) August 18, 2024
In contrast, Cardano (ADA) has recently dropped out of the top 10 cryptocurrencies by market capitalization, falling to 11th place after a 3% decline over the past week. With a market cap of $11.89 billion, it now trails behind TRON’s $12.04 billion. The decline in ADA’s ranking is part of a broader market correction, driven by various factors including investor sentiment and ongoing market trends.
According to the report, the Crypto Fear & Greed Index, currently at 28 in the “Fear” zone, reflects the ongoing cautious mood among investors. Cardano’s network has been criticized for its low activity, with only 23,807 active addresses, and ranks 29th in total value locked in DeFi, far behind leaders like Ethereum, Solana, and TRON.
As of today, in the last 24 hours, TRON (TRX) surged by 6.34% and 13.75% in the past week, hitting a price of $0.1433. See TRX price chart below.
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