SunPump vs. pump.fun: The showdown begins

Solana's pump.fun has been raking in huge transaction volumes, with $5.3 million in fees clocked in just one day. That's a lot of people throwing money at meme tokens.

Justin Sun, the founder of TRON, has announced a new platform called SunPump, which will allow users to launch, trade, stake-mine, and self-govern memecoins on the TRON blockchain.

According to Justin, all protocol revenue earned by SunPump will be used to buy back SUN in a decentralized manner and then completely burn it, returning the value to the protocol.

SunPump is set to rival Solana's pump.fun, which has been criticized for allowing scam projects to launch on the platform. However, Justin claims that SunPump will prioritize security and transparency.

Every project and creator will be vetted before being permitted to launch on SunPump, ensuring that scams are filtered out.

The platform will also allow the community to have a say in which projects get listed on Poloniex. Any SunPump project that hits $1 million daily trading volume for three consecutive days will be eligible for listing on Poloniex, granting these new tokens instant visibility and liquidity.

To further support these new tokens, TRON and SunPump will be injecting $10 million into a Meme Ecosystem Boost Incentive Program, which will provide new tokens with the resources they need to help them thrive in the market.

In 2024, a slew of celebrities have launched their own memecoins, leading to an embarrassment of riches for crypto enthusiasts.

Iggy Azalea's token, MOTHER, initially soared after launching on Solana but failed to sustain its momentum, with its price plummeting rapidly.

Similarly, tokens launched by Jason Derulo and Caitlyn Jenner also experienced sharp declines after failing to maintain buying interest.

Celebrity endorsements brought volatility to the market, and as the hype cooled, the memecoins began to disappear gradually.

According to data from CryptoQuant, memecoin dominance in the altcoin market started to decline sharply from mid-May 2024.

The build-up to this moment was marked by a relentless hype cycle, fueled by celebrities "creating" these tokens, earning their profits, and leaving the scene.

As a result, the market cooled down, and the memecoins slowly started fading away.

Despite efforts by crypto detective ZachXBT, Ethereum creator Vitalik Buterin, and crypto billionaire Arthur Hayes to highlight these scams, investors showed little interest in engaging with them.

As Vitalik lamented, "Things hit a new low in 2024: racist, sexist, and other shitheaded memecoins, which serve only as a vehicle to transfer wealth from the masses to the most repugnant individuals on the planet."

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