Is This The New Meme Coin Mania?
Meme coins have undoubtedly been the most prominent narrative in 2024. From the meteoric rise of dogwifhat (WIF) to countless celebrities launching their own coins (and the controversy that surrounded them), the field has seen all the action.
With most of it happening on Solana because of its fast transaction processing times and relatively low fees, we’ve been used to seeing the majority of new launches happening over there.
But is this about to change?
Meme Coins Coming to TRON?
Data from the popular analytics resource Lookonchain revealed that a trader has managed to recently pull off gains upwards of 100x, buying 6.87M SUNDOG tokens for $650 and selling them for more than $68K merely seven hours later.
The trader continues holding another $76K worth of the meme coin.
We noticed that some traders have made 100x gains trading #MEMEcoins on the #TronNetwork!
Trader”TEP7…T1da” spent 5,000 $TRX($650) to buy 6.87M $SUNDOG and sold 4.57M for 522,840 $TRX($68K), making 517,840 $TRX($67.3K) in just 7 hours, a 104x return!
He still holds 2.29M… pic.twitter.com/6kREFmtTCv
— Lookonchain (@lookonchain) August 16, 2024
Of course, it’s worth noting that this may as well have been an insider or a member of the team, but gains like that are not unheard of in the meme coin space, where valuations explode in a matter of hours.
TRON Network Activity Soaring
Recent data from IntoTheBlock also revealed that network activity on TRON is soaring.
Last week, the TRON network hit a new annual high, recording 7.99 million daily transactions.
Currently, the TronDAO network maintains an impressive average of over 7 million transactions per day.
Last week, the TRON network hit a new annual high, recording 7.99 million daily transactions.
Currently, the @trondao network maintains an impressive average of over 7 million transactions per day. pic.twitter.com/cmJkHFoq3y
— IntoTheBlock (@intotheblock) August 16, 2024
In addition, the network has generated substantially more in fees compared to Ethereum over the past 30 days, essentially making it the most profitable chain for the time being.
That said, Justin Sun also recently revealed the creation of a protocol called SunPump which, akin to PumpFun, aims to provide users with an easy way to launch meme coins and shield them from rug pulls.
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