Justin Sun, the creator of TRON, has introduced SunPump, a platform specifically built to take advantage of the current trend of meme coins. SunPump was introduced on August 13 via Sun.io, enabling users to swiftly and effortlessly generate meme coins, to take advantage of the current fascination with these digital assets.
The platform imposes a 20 TRX cost for creating an account and a 1% fee for each trade. It utilizes a smart contract to allocate 100,000 TRX and transfer 200 million tokens to the SunSwap V2 liquidity pool when a project achieves its bonding curve at a value of $69,420.
The market for meme coins is becoming more saturated, and the passion for these tokens is gradually diminishing. Fred, a previous co-founder of Crypto Banter, expressed apprehension about meme currencies being the initial assets to be liquidated when there is a change in market mood.
Statistics indicate that a minuscule proportion of meme currencies manage to sustain long-term success. Specifically, out of the thousands of meme coins released on platforms such as pump.fun, only 41 have maintained a market capitalization of over $1 million for multiple weeks.
Platforms like pump.fun now offers users the ability to produce meme coins without any cost, but they transfer the $2 fee to the initial buyer. This practice poses a challenge for new tokens to gain attention and distinguish themselves.
Notwithstanding these obstacles, Sun has a positive outlook on the potential of SunPump and underscores that it is in its nascent stages, demonstrating his assurance in its capacity to flourish in a competitive market.
