Tron’s SunPump Transactions Spike as Meme Coin Activity Gains Momentum

There has been a resurgence in transactions per token on the Tron-based platform for the launch and trading of meme coins, SunPump.

The latest trend indicates a renewed interest in meme coins within the Tron network, as this controversial category has seen increasing adoption and even official acknowledgment from high-profile figures, including political leaders and public personalities.

SunPump Activity Heats Up

According to the data compiled by CryptoQuant, transaction volume on SunPump has been increasing, which historically signals a shift in market sentiment.

When transactions per token decline, it often corresponds with waning investor enthusiasm and the formation of local bottoms in TRX.

On the other hand, an upward trend in transactions per token suggests growing market activity, though it also introduces higher volatility risks. CryptoQuant urged investors to be cautious, as past spikes have frequently preceded sharp price fluctuations.

Since August 2024, more than 95,000 tokens have been launched on SunPump, with over 2.84 million recorded transactions. The most significant activity was observed between August and September, but the recent surge could indicate an impending market rebound. Analysts suggest that if transaction volume continues to rise, TRX and related assets might experience increased momentum in the near term.

Zooming Out: Tron Network Growth

In an earlier review, CryptoQuant stated that the Tron network has evolved from a USDT-dominated platform to a growing decentralized finance (DeFi) hub in 2024. Historically, USDT transactions accounted for the vast majority of activity on Tron, with the stablecoin’s supply increasing from $48 billion to $62 billion over the year.

The value transferred also surged, reaching $576 billion by December 2024. Tron, in collaboration with Tether and TRM Labs, has also taken steps to combat financial crime, freezing over $100 million in illicit assets.

Beyond stablecoin transfers, Tron’s DeFi activity expanded with platforms like SunSwap in addition to SunPump. SunSwap, for one, facilitated decentralized token swaps, and processed four million monthly transactions in August 2024.

Additionally, WTRX, a wrapped version of TRX, became a key asset that contributed to SunSwap’s swap volume growth. This surge in activity boosted Tron’s monthly network fees to $236 million by year-end.

The post Tron’s SunPump Transactions Spike as Meme Coin Activity Gains Momentum appeared first on CryptoPotato.