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- Justin Sun, the founder of Tron, has announced that the Tron Network will welcome a new meme coin fair through SunPump.
- If TRX can break through the current resistance level of $0.13, the altcoin may be poised to retest its all-time high in the near term.
Justin Sun has announced via the X platform that the Tron Network will welcome a new memecoin season through SunPump. Sunpump is a meme fair launch platform on the Tron network, utilizing the SUN.io decentralized exchange (DEX). Currently in its beta phase, users will be able to maximize their savings with up to a 99% reduction in gas fees.
🌟The wait is over—SunPump, the first-ever meme fair launch platform on #TRON, is now LIVE in beta!🚀✨
Start launching and trading your #Meme tokens today, unleash your creativity and join the fun! 😎🔥
Visit SunPump: https://t.co/tdN3828sLK#SunPump #TronMemeSeason #SUNio pic.twitter.com/tORm4obfdR
— SUN.IO (@defi_sunio) August 13, 2024
In the spirit of fair play, the platform has put to notice several rules that hedge against predatory trading practices. The official blog post states, “All token contracts are secure and verifiable, with no pre-sales or team allocations.”
This new project will be so revolutionary to the Tron Ecosystem that it will be like finding a unicorn in a haystack. In essence, SunPump will play a major role in accelerating the TRX burn rate. According to SunPump, meme coin projects that reach a market cap of $69,420 will be required to burn $12,000 worth of TRX via the platform.
This mechanism not only helps reduce the circulating supply of TRX but will also add an element of scarcity, which will drive its demand and the token’s value over time.
SunPump is expected to boost on-chain activity significantly on the Tron network. It is worth noting that the Tron network has had a remarkably positive first half-year. As CNF reported earlier, the Tron network experienced a surge in Onchain activity. Additionally, daily new addresses grew by 12%, from 177,200 to 198,000, for three consecutive quarters, starting Q4 last year. With the inclusion of SunPump, the Tron network will go beast mode.
Tron’s Technical Analysis
At the time of writing, TRX, Tron’s native token, is swapping hands with $0.1272, marking a 0.08% decline in the last 24 hours. Meanwhile, the token has undergone a 3.42% surge in the past week, hovering its market cap at around $11.0 billion.
Focusing on Tron’s technical point of view, TRX’s price has shown a strong correlation with major cryptocurrencies like the King of Crypto, Bitcoin, and Ethereum in recent times.
Further indicators have shown an oncoming bullish sentiment, precisely last week TRX closed on a dragonfly Doji candlestick, indicating that bullish sentiment is on the rise. If TRX can break through the current resistance level of $0.13, the altcoin may be poised to retest its all-time high in the near term.
Following the success of Solana memecoins, the launch of SunPump will mark a pivotal moment for Tron as it seeks to cement its position as a leading future of agreements blockchain.
