Tron is gearing up to launch and scale a memecoin service similar to Solana's Pump. It's fun.
This new tool aims to make it easier for anyone to create and launch a memecoin with a simple click of a button.
Unlike Pump.fun, SunPump seeks to add a vetting process to its services to reduce scams.
SunPump also offers creators a listing on Poloniex if they successfully launch a memecoin.
The Solana memecoin frenzy began right around the time Pump.fun was created and began to gain popularity.
For some context, Pump.fun was launched in January 2024 and is a Solana-based tool that allows anyone to easily launch and list their own memecoin in a few clicks and with a few dollars worth of $SOL.
Number of Pump.fun memecoins deployed
According to data from Dune Analytics, between March and August 2024, a staggering 2 million memecoins have been launched so far, with the number climbing steadily, as shown.
This time, something similar might be coming for Tron—will you be ready?
Memecoins have always been a major aspect of any bull run, considering their potential for massive gains in short timeframes.
Because of this trend, Justin Sun, the founder of Tron, has just launched SunPump.
SunPump is a new platform under the defi protocol, Sun.io.
And just like Pump.fun, this new protocol is designed to allow anyone to create memecoins on the Tron network.
This means that the memecoin craze, now dying down on Solana, might be preparing for a resurgence on the Tron blockchain.
Memecoins, while undeniably part of bull runs, hasn't been without controversy, though.
Being highly speculative and prone to spikes (and crashes) has made them a hotspot for pump-and-dump schemes across the market.
For example, the market is only just recovering from the June/July celebrity memecoin frenzy, where several celebrities, including Andrew Tate, Iggy Azalea, Caitlyn Jenner and even Alexis Texas (among +30 others) launched memecoins, and then watched all crash in value by an average of 95% within a month.
Is Justin Sun’s SunPump going to be any different, or is another rash of scams about to hit the market?
Only last week, Pump.fun came under fire for "lowering the barrier" to creating a memecoin, and opening the door for bad actors.
A frustrated former employee even tried to "kill" the platform soon after by attacking it and stealing around $2 million worth of $SOL.
According to Justin Sun, SunPump aims to create a safer platform than the Solana-based one by raising the barriers once again.
In essence, the platform is set to introduce a rigorous vetting process for creators and their projects before they are allowed to launch on the platform.
This process ensures that the projects meet a specific standard when it comes to integrity (as a way to reduce the number of rug pulls).
The platform is even considering a strategic partnership with Poloniex, in which any project that achieves a daily trading volume of $1 million for three consecutive days will become eligible for listing on the exchange.
This means that memecoin creators now have the incentive to be honest and maintain the value of their tokens.
Justin Sun and SunPump are also reportedly committing $10 million to the Meme Ecosystem Boost Incentive Program.
This initiative is designed to financially support newly launched tokens and help them gain traction as the competition grows.
Overall, we can expect the memecoin craze to come alive once again as Bitcoin wakes up.
Will we be seeing newer and safer memecoins in the market, or are we about to see a new wave of the same rug pulls and scams on Tron?
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