The post Tron’s SunPump Sees Rapid Growth; Justin Sun Announces SUN Revenue Burn appeared on BitcoinEthereumNews.com.

Justin Sun announces first SUN revenue burn after SunPump’s impressive earnings. SunPump outpaces competitors, generating $259.2M in swap volume and $2.6M in fees. Success stories emerge as traders flip tokens, with some seeing massive returns. Tron founder Justin Sun announced his plans to initiate the first SUN revenue burn due to higher-than-expected earnings from SunPump. Since its launch on August 9, the Tron-based meme coin generator has seen significant market activity. Due to the higher-than-expected revenue from @sunpumpmeme , the SUN community plans to advance the first SUN revenue burn. Details to be announced! TO THE SUN🌞 — H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 27, 2024 A revenue burn typically involves repurchasing and permanently removing tokens from circulation, which can reduce supply, increase scarcity, and potentially boost the value of the remaining tokens. Sun’s proposed burn event could benefit SUN token holders by increasing the value of their holdings. SunPump’s market trend has shown remarkable growth, exceeding initial expectations. Data from Dune Analytics shows the platform has created over 51,701 meme coins. Other metrics also demonstrate substantial liquidity and trading activity. SunPump has recorded a total swap volume of $259.2 million. Furthermore, it has attracted 100,746 active users and generated $2.6 million in fees from over 1.4 million swap events. SunPump’s rapid market entry contrasts with its competitors, especially Solana’s Pumpfun, which experienced slower token creation and user growth early on. By August 21, SunPump had already generated over $1.5 million in revenue and facilitated the creation of more than 25,000 meme coins. On August 22, blockchain researcher Adam reported that SunPump had outpaced Pumpfun in daily activity and revenue. SunPump launched 7,351 new tokens and generated $585,000 in revenue that day, compared to Pumpfun’s 6,701 new tokens and $366,000 in revenue. Notably, several tokens launched on SunPump have seen…

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Filed under: News - @ August 28, 2024 1:25 pm