Justin Sun's Tron Network Overtook Ethereum in Daily Revenue, Spurred by New Memecoin Mania

According to DefiLlama, the Tron (TRX) blockchain generated over $3.8 million in 24-hour revenue.

Justin Sun's Tron (TRX) network has overtaken Ethereum (ETH) in terms of daily revenue, largely due to the recent surge in memecoin launches on the Tron blockchain.

Data from DefiLlama shows that the Tron network generated over $3.8 million in 24-hour revenue on Monday, surpassing Ethereum's daily revenue of $3.1 million. The Tron network also reached a new all-time high in daily fees, with speculators flocking to the network to participate in the memecoin craze.

Metas in the crypto space refer to narratives that may or may not fizzle out quickly. During this year's bull cycle, memecoins have surged in popularity across major decentralized finance ecosystems, including Ethereum and Solana (SOL).

The Tron memecoin craze began less than two weeks ago with the launch of SunPump on Aug. 9. SunPump is the first TRX-based meme fair launch platform, and it has quickly attracted interest from speculators.

Initially, activity on SunPump was relatively low, with developers creating 200-300 tokens daily and trading mainly on the decentralized exchange Sunswap. However, interest in SunPump surged later in the month, with over 6,000 memecoins being launched in a single day on Aug. 20.

According to a Dune Analytics dashboard by Venture Capital firm Hashed, there were at least 20,504 TRX-based memecoins as of Aug. 21. The most successful launch yet, Sundog (SUNDOG), peaked at a $260 million market cap.

As the memecoin craze on Tron gathered steam, Sunswap's native tokens SUN and TRX recorded higher prices. Over the last week, TRX surged by 23.8%, outperforming Justin Sun's flagship virtual currency, which rose by 101.7%.

Tron network has seen a massive influx of stablecoin liquidity in recent months. Both Tether (USDT) and Circle (USDC) continue to mint new tokens on TRX's chain, in addition to other networks.

According to crypto.news, Bitget chief analyst Ryan Lee highlighted in an Aug. 21 note that 19 million of the 33 million USDT minted by Tether in the past 12 months were issued on Tron. Furthermore, Lee noted that Tron accounts for 84% of Tether's 10.9 million monthly active users, positioning Sun's blockchain for more memecoin trading in the coming weeks.

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