Tron Token TRX Slips as Meme Coin Traders Lose Interest in SunPump - Decrypt

10 Sep 2024, 13:46 by Ryan S. Gladwin · Decrypt · Join

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Tron (TRX) has fallen out of the top 10 cryptocurrencies by market capitalization, according to CoinGecko. This comes as meme coin traders appear to be losing interest in the network’s meme coin launchpad, SunPump.

Following the launch of SunPump by Tron’s controversial founder Justin Sun, TRX climbed 24.8% to $0.168 as it broke into the top 10 cryptocurrencies. At this peak, SunPump was responsible for 7,531 tokens being created on Tron.

But for the past two days, SunPump has seen fewer than 1,000 coins created on the platform, according to Dune data. Meanwhile, Pump.fun has launched 6,993 tokens over the past 24 hours. In fact, since the start of September, SunPump has created just 10,147 tokens—a total that Pump.fun surpassed in the past 48 hours.

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As a result, it appears that Tron’s TRX is falling out of favor. The token has fallen 9.5% since its recent high of $0.168. This fall means that Toncoin (TON) has moved up 4.2% over the past 24 hours and was enough for the Telegram-linked project to replace Tron in the top 10 cryptocurrencies by market cap.

Despite this, many Tron meme coins created by the platform are in the green this week.

Sundog (SUNDOG) the largest meme on Tron at a market cap of $316 million is up 21.5% over the past 7 days. Similarly, Muncat (MUNCAT) is up 21%, Suncat (SUNCAT) 61%, and SunWukong (SUNWUKONG) 62.6% as Justin Sun and Elon Musk post the meme on Twitter.

Broadly speaking, it's been a good 24 hours for the meme market with most of the top 50 meme coins in the green.

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Big hitter Dogecoin (DOGE) has climbed 5.8%, Dogwifhat (WIF) has jumped 8.3%, and Bonk (BONK) up 6.8%. The biggest winner of the week is Neiro on ETH (NEIRO) following the token being listed on a number of exchanges causing it to skyrocket 591.5% to a market cap of $202 million.

This comes as Bitcoin surged back above $57,000 after a bad week for the leading cryptocurrency. With this, most of the top 100 cryptocurrencies are up on the day with Tron being one of the few in the red, albeit down just 0.7%.

Edited by Stacy Elliott.

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