Tron's SunPump ignites meme coin war, sending SUNDOG soaring 261% as Justin Sun battles Solana.
TL;DR
- Meme coin market cap drops to $37.65B from $39.78B, with daily volume steady at around $2.8B.
- Justin Sun launches SunPump on Tron, challenging Solana's PumpFun with a $10M incentive program.
- SUNDOG token on Tron surges 261% in 7 days, leading meme coin gainers.
- Most top meme coins show negative 7-day performance; the overall trend is bearish from the July peak.
- PumpFun faces declining popularity, with new address creation down 84% amid controversy.
The Big Story: SunPump Vs Pump.fun
In the war against Pump.fun, this week our favorite crypto anti-hero TronMan appeared again with another attempt to turn crypto’s moonboys into Sunboys.
After watching memecoins drive traffic and funds to Solana and Telegram’s TON, Sun this week introduced SunPump on Tron, challenging Solana's controversial PumpFun platform. And so far, it’s working.
SunPump aims to offer user-friendly, cost-effective token creation, complete with an 888 TRX airdrop for successful launches. Sun also dangled a $10 million incentive program to boost the ecosystem and Tether’s $19 billion USDT supply on the Tron chain (with a fresh $1b mint this week) as the perfect carrots to lure wiped-out Solana meme traders over to his chain with promises of fresh liquidity.
However, the crypto community is predictably not impressed. Some view SunPump as a late and cynical entry to the memecoin trend, while others criticize its similarity to PumpFun. There are concerns that it's merely a fee-generating scheme, especially given PumpFun's recent $5.3 million in fees.
Early reports from media and fellow traders also say that SunPump has a similar cabal vibe to Pump.fun, with new meme tokens getting churned out every few seconds. Despite the criticism, SunPump has seen early success, with its biggest gainer SunDog skyrocketing from $0.002 to $0.22 in days for a $220 market cap at present.
Meanwhile, PumpFun faces its own challenges. Its popularity has declined significantly, with new address creation down 84%.
Meme Coin Market
7-Day Market Snapshot
For the period 14 to 21 August 2024, the total meme coin market cap has dropped from $39.78 billion to $37.65 billion, while daily volume remains steady around the $2.8 billion mark.
While we remain above the Aug 5 crash, it’s clear from the 30-day chart that the overall trend is unmistakably bearish, down from $56 billion on the 22nd of July and the daily volume of $5.6 billion. Are we accumulating or are we going down further? Only time will tell.
Meme Coins vs Other Crypto Sectors
According to DeFiLlama’s Narrative tracker, the meme coin sector’s mCap-weighted category performed OK-ish, coming in at number 15 of 22 narratives.
Here’s the 30-day performance, which shows we’re still 25% down for the last month.
Source: DeFiLlama
Source: CoinMarketCap
Top 20 Meme Coins
Here’s how the top 20 meme coins are performing:
Biggest gainers (7d):
- SUNDOG (SUNDOG): +261.10% (Tron)
- Gigachad (GIGA): +10.61% (Solana)
- PepeCoin (PEPE): +12.32% (Ethereum)
- Cat in a Dog’s World (MEW): 3% (Solana)
- Floki (FLOKI):1% (Eth/BNB)
Biggest losers (7d):
- Neiro Ethereum (NEIRO): -33%
- Popcat (SOL): -24% (Solana)
- Mog Coin (MOG): -24% (Eth/Base)
- Ponke (PONKE): -12% (Solana)
- dogwifhat (WIF): -8% (Solana)
Quick Takes
- SUNDOG reaps this week’s Tron narrative rewards with an outsized 7-day price jump of over 250%.
- Most coins show negative 7-day performance, indicating a broader short-term downturn.
- The top 6 meme coins have on average shed 40% of their value in the last 90 days
- Only Brett (+75%) and WIF (+52%) are up in the top 10 in the last 90 days.
- Dogecoin ($15B) and Shiba Inu ($8B) remain by far the biggest memes, 5x and 3x the market cap of third-placed Pepe.
- MemeCoin only has 33% of total coins circulating, which means its market cap ($269M) is much smaller than its fully diluted market cap ($745M).
- Brett (Based) shows positive 90d % (+75.29%) while most others are negative for this timeframe.
Biggest Meme Coin Stories This Week
- Meme coin market cap drops to $37.65B from $39.78B, with daily volume steady at around $2.8B.
- Justin Sun launches SunPump on Tron, challenging Solana's PumpFun with $10M incentive program.
- SUNDOG token on Tron surges 261% in 7 days, leading meme coin gainers.
- Most top meme coins show negative 7-day performance; the overall trend is bearish from the July peak.
- PumpFun faces declining popularity, with new address creation down 84% amid controversy.
What You Can Do Now
It’s clear that the meme coin sector is going through a tough time at the moment. If you’re going to gamble, and it is kind of a gamble at present, consider spreading your bets across different blockchain ecosystems.
If you are considering throwing a bone to Tron with its shiny new SunPump, don't forget the old guard on Ethereum and Solana, where most of the biggest and most established meme coins are currently at a massive discount (not financial advice).
Do your homework, and maybe dip your toes rather than dive in headfirst. Don’t be a meme coin scammer’s exit liquidity.
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