Meme coins stumble, but SunPump and Smoking Chicken Fish keep crypto rolling!
TL;DR
- Tron’s new SunPump meme coin launchpad goes down with the broader crypto market
- Most meme coins have erased their hard-earned August gains.
- The total market cap of meme coins continues to drop, now sitting at $36.97B.
- The total crypto market cap is down 10% since mid-August.
- All eyes are now on the market reaction to the September Fed rate cut decision.
Biggest Meme Coin Stories This Week
- Tron's SunPump memecoin platform loses steam due to a negative market outlook.
- Most cryptocurrencies have wiped out their August increases.
- The total market cap of meme coins has fallen by 5% this week to $36.97B.
- The overall crypto market cap has declined by 10% since mid-August.
- Few standout meme coins continue to generate profits despite the challenging conditions.
The Big Story: SunPump Dumps Despite $SUN Buyback Burn
Tron’s meme coin launchpad SunPump an invasion of degens since its launch in early August, with over 8.4 million TRX in revenue generated since 9 August, valued at approximately $1.4 million. Justin Sun has suggested that the fees from Sunpump could reach $100 million by the end of 2024, promising on X (Twitter) that 100% of the revenue generated will go towards burning $SUN - a very bullish gesture by the Tron founder. So far $8.8m has been burned, based on this SunSwap calculator.
Several SunPump meme coins have seen very impressive gains - with Sundog and Tron Bull being especially noteworthy. But since market conditions have continued to deteriorate in the past 10 days, the charts on these coins have started to reverse, leading to losses exceeding 50% in the last week alone.
On the plus side, it’s continuing to beat Pump.fun at its own game. On 3 September, it was reported that SunPump dropped 7,351 new tokens (sigh) for profits of $585K, outperforming Pump.fun’s 6,701 tokens and $366K once again.
The bearishness in the market has left many wondering and speculating on what the future holds for SunPump and the rest of the Tron ecosystem. It’s a young project, and with the support of Sun and the billions of stablecoins residing on Tron, we can see it do what the name says after the Fed cuts interest rates next week (fingers crossed) and Token2049 Singapore kicks off.
Meme Coin Market
7-Day Market Snapshot
For the 7-day period ending September 4, 2024, the total meme coin market cap stands at $37.06 billion, down a billion dollars in value since August 29.
The overall market trend has been quite bearish, with broader market influences such as stock market earnings season and the drops weighing extra-heavy on the very risk-on meme coin space.
Meme Coins vs Other Crypto Sectors
The DeFiLlama's Narrative tracker shows that the meme coin sector outperformed most other crypto sectors - only pipped by PolitiFi and Bitcoin. The meme coin sector currently ranks as having the 3rd least losses out of the 22 tracked narratives in the past 7 days' performance.
Top 20 Meme Coins in The Last 7 Days
The major meme coin markets got a further pummeling in recent days, with Floki and new Toncoin meme DOGS getting absolutely hammered. Only Simon’s Cat posted a mention-worthy profit.
Biggest Losers (7d):
- FLOKI (FLOKI): -22.96%
- DOGS (DOGS): -28.95%
- Mog Coin (MOG): -14.85%
Biggest Gainers (7d):
- Simon’s Cat (CAT): +6.70%
- Osaka Protocol (OSAK): +2.14%
- Turbo (TURBO): +1.08%
Quick Takes
- You’ll need to look beyond the top 20 to see any true winners, with 8-Bit Coin (COIN) up 52% and PepeFork (PORK) up 48% being noted as some of the few big gainers of the week.
- The meme coin industry has lost over 1 billion dollars in market cap over the past 7 days.
- If the bearish market trend continues meme coins could see a lot more downside.
Smoking Chicken Fish Finds God
Adding some brevity to the markets: Cult favorite Solana meme coin Church of the Smoking Chicken Fish (SCF) is transitioning from digital to real-world impact.
Founder "Pastor Kelby" has registered SCF as a nonprofit and plans to build a physical church in Marfa, Texas.
SCF's been mixing jokes with feel-good advice, doing daily Twitter sermons and following their "chickenmandments". It's weird, it's wacky, but they're trying to spread some positivity. From silly memes to brick-and-mortar church - it happens only in crypto.
What You Can Do
Meme coins experienced a major boom in early 2024, but even large-cap tokens like Doge, Shiba, and WIF have seen price declines of around 70% from their March 2024 highs. However, if the market turns positive, meme coins could be among the first to rebound.
- Exercise caution when investing in meme coins, as they are highly volatile and risky.
- Consider diversifying your portfolio with high-quality, fundamentally strong coins while they are on sale.
- Keep an eye on the upcoming Fed rate cut decision on September 18th, as it may bring market volatility and potential opportunities.
- Be patient, as the positive effects of rate cuts on the market may take time to materialize.
- Avoid chasing pumps and invest based on your risk tolerance and long-term goals.
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