In August 2024, following substantial declines, Bitcoin and Ethereum entered a prolonged period of sideways oscillation. As the market needed new stimuli, meme coins once again became the focus of investors. In the past two weeks, the meme market has been exceptionally hot. Inspired by rags-to-riches stories, a large amount of capital has flowed into the market, and the crypto community is enthusiastically discussing who will be the next golden dog.
In previous meme seasons, Ethereum, Solana, BSC, and other chains were the main players, but this time, the leader is a new player from this track: TRON. Currently, TRON’s top meme coin, SUNDOG, has been launched for 10 days, and its outstanding performance has attracted the attention of the entire crypto circle. Moreover, SunPump and the entire TRON ecosystem have demonstrated the ability to create more compelling narratives.
4,000+x in 10 Days: SUNDOG on Par with SHIB and PEPE
SUNDOG has skyrocketed since its birth, becoming a top coin in just 10 days, with its performance even comparable to some established meme coins. On August 16, SUNDOG was launched on SunPump, the first platform for the fair launch of meme coins in the TRON ecosystem. Within less than 3 hours of issuance, its market capitalization exceeded $10 million. Due to SunPump’s partnership with HTX, SUNDOG, as the project with the highest market capitalization on SunPump, was listed on HTX on the first day of its launch. At dawn on August 19, less than 3 days after its launch, SUNDOG’s market capitalization exceeded $100 million for the first time. It’s worth noting that PEPE, the most successful meme coin in recent years, took 4 days from launch to reach a market cap of $100 million.
As of the evening of August 25 (UTC), SUNDOG has surged over 4,100x since its launch, with a market capitalization exceeding $260 million. In comparison, PEPE saw a rise of about 260x within the first 10 days after its launch. Other well-known meme coins with high market cap rankings, such as SHIB, BONK, FLOKI, etc., all remained dormant for a considerable period after launch before experiencing a breakout. It can be said that the wealth effect brought upon by SUNDOG in the first week of its launch has surpassed most top meme coins.
TRON Has Held All the Aces to Enter the Meme Sector
Of course, SUNDOG still needs to prove its vitality over a longer timeline to truly be mentioned in the same breath as legendary coins like PEPE. However, SUNDOG’s meteoric rise has an even greater significance: TRON is redefining the meme game. On August 13, Justin, the founder of TRON and a member of the HTX Global Advisory Board, announced the launch of SunPump, marking TRON’s entry into the meme field. Within just one week, TRON had its first meme project with a market cap exceeding $100 million. This strong rise can be said to be the result of the combined effect of strong support, favorable conditions, and perfect timing.
● Strong Support
Looking back at the development history of some top meme coins, the amplifying effect brought by important figures is immense. DOGE, the first meme coin in the crypto world, truly experienced a huge takeoff after establishing a connection with Elon Musk; PEPE’s rapid growth is also related to the early promotion by a large number of KOLs and the enthusiasm driven by the community. SUNDOG, and even all meme projects on the TRON chain, are naturally tied to one person — Justin, one of the most talked-about and prominent figures in the crypto world.
On August 13, Justin announced the launch of SunPump. Since then, he has spared no effort in promoting SunPump and TRON on social media, X (Twitter) Space, and in communities. He even personally engages in meme-making to drive attention to the meme field. Simultaneously, he receives user feedback on one hand and urges the SunPump team to upgrade the platform on the other. This enthusiasm is the best guarantee for memes in the TRON ecosystem to gain long-term traffic.
On public chains like Ethereum, Solana, and BSC, memes have existed for a long time, but these chains lack a meme leader. Therefore, it’s difficult for different projects to form a joint force to create a wealth effect, and for users, the gambling component is also greater. Under Justin’s guidance, the TRON ecosystem is more likely to give birth to meme projects with topicality and popularity.
● Favorable Conditions
TRON is the public chain with the second-largest TVL and holds 99% of USDT reserves, providing fertile ground for ecosystem explosion. At the same time, TRON is the most profitable public chain. On August 21, TRON set a new all-time high since its mainnet launch in 2018 with a record single-day revenue of $5.33 million. This remarkable achievement gives TRON the confidence and ability to provide even more robust support for ecosystem development. At the beginning of SunPump’s launch, it introduced a gas fee reduction event of up to 99% and launched a $10 million Meme Ecosystem Boost Incentive Program on August 15. Coupled with SunPump’s low fees, TRON has a huge appeal to both investors and project teams.
For other meme coins, getting listed on top exchanges is often a challenging and time-consuming process, while memes in the TRON ecosystem have unique advantages. Due to TRON’s partnerships with HTX and Poloniex, there is a good interaction between the public chain ecosystem and exchanges. High-quality meme projects can be listed on top exchanges at the first opportunity, driving a new round of growth through the exchanges’ market advantages; exchanges can also use the wealth effect of memes to attract more users and increase exposure.
● Perfect Timing
In fact, in the first half of this year, the Solana ecosystem’s meme projects, driven by Pump.fun, also achieved excellent results. However, during that period, Bitcoin and Ethereum garnered increased attention due to narratives related to spot ETFs, halving events, and the Dencun upgrade, while the market experienced significant growth. Now, SunPump has emerged during a sluggish overall market, where liquidity is scarce and investors are actively seeking new targets. This has created one of the most magical wealth effects in the second half of the year. It can be said that TRON seized the opportunity at the most opportune time. SunPump’s emergence indeed aligns with the current market dynamics, making it a fascinating development for investors and the TRON ecosystem.
Dimensional Strike: SUNDOG May Be a Repeatable Success
With a thriving investment environment and an outstanding leader, plus a bit of market favor, it seems natural for TRON to give birth to a new meme noble like SUNDOG. More importantly, this is just the result achieved by TRON in just over 10 days of entering the meme field. There is even greater capital and traffic potential yet to be tapped on TRON. With Justin’s continued efforts, the wealth effect of SUNDOG may very well be replicable.
Following SUNDOG, other high-quality projects on SunPump, such as FOFAR, SUNCAT, SUNWUKONG, and DRGN, have also been listed on HTX. TRON’s meme projects are rapidly coalescing into a collective advantage. Currently, TRON resembles a new continent in the meme world and sustained attention could unveil the next treasure trove.
