The post SunPump Sparks 22% TRX Price Rise as Tron Tops Trending List appeared on BitcoinEthereumNews.com.

Tron (TRX) has rapidly emerged as the top trending asset in the crypto market, largely driven by the introduction of its memecoin deployer, SunPump.  Launched earlier this month, SunPump has facilitated the creation of over 7,000 new coins on the Tron network, according to Santiment. This uptick in activity has coincides with a 22% increase in TRX’s market value, with the token peaking at just over $0.165 earlier today before the recent pullback to $0.1571. These developments have brought Tron to the forefront of memecoin-related activity, attracting considerable attention from the crypto community. According the above Santiment chart, TRX has achieved the highest level of bullish sentiment among traders since 2017, suggesting widespread optimism. Social discussions around TRX have surged, reaching the highest levels since 2021. Further data from Santiment indicates that SunPump’s success has fostered a long-term optimistic outlook for Tron. This optimism suggests potential mid-term bullish price momentum for TRX, despite expected short-term volatility. Per Santiment, the increased network activity has been driven by a surge in memecoin launches, which have also led to a rise in TRON burns. These burns reflect a growing demand for TRX while reducing the token’s circulating supply. Meme Coins Propel Tron’s Growth Additionally, Tron’s role has expanded significantly following SunPump’s introduction. Tokens like SUNDOG have gained popularity, with the community actively engaging in meme coin trading. This resurgence in meme coin activity mirrors previous phases in the market, where widespread interest led to rapid price spikes.  In addition to memecoin activity, Tron’s ecosystem is benefiting from partnerships with hedge funds and other projects, expected to drive further growth. The influence of Tron’s founder, Justin Sun, also remains a significant factor in the network’s continued growth. $1.2 Million in Revenue Generated by SunPump Recent data shows that SunPump has generated over $1.2 million…

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Filed under: News - @ August 22, 2024 2:18 pm