Major cryptocurrencies like Bitcoin and Ether continued their decline, but Tron defied the trend, jumped by 12% in the past 24 hours.
This positioned TRX as the top performer among the top 100 cryptocurrencies.
The beacon of light in the stormy sea?
While Bitcoin and Ether both saw declines exceeding 2%, Tron’s price spike not only bucked the trend but also helped TRX reclaim its status as one of the top 10 cryptocurrencies by market capitalization.
The buzz in the Tron ecosystem is largely attributed to the launch of Sundog, a memecoin that has quickly gained traction, debuting with a market cap of $200 million.
Introduced on Tron’s new memecoin platform, SunPump, Sundog is pretty likely driving TRX’s recent gains, particularly as it rivals Solana’s established memecoin ecosystem.
Hype, or fundamentals?
Sundog, which launched less, than a month ago, soared by 237% in just a week, with an increase in Tron Dao ecosystem transactions.
We see a 124% spike in transactions valued between $100 and $10,000, likely fueled by the hype surrounding SunPump.
Over the past 30 days, TRX has grew by more than 19%, in stark contrast to Bitcoin and Ether, which have dropped by 11% and 26%, respectively.
Solana, another competitor in the memecoin arena also seen a 17% decline. TRX now is trading at around $0.16, with a 24-hour trading volume that has skyrocketed by 124% to reach $1.62 billion.
Everyone speculating wether the token could reach new ATHs soon, but we think this may be a little too early.
Sadly or not, memecoins are the part of the industry
Justin Sun, the founder of Tron expressed his optimism on X, and shared his opinion about the impact of SunPump.
He suggested that the wave of memecoins on Tron could soon hit centralized exchanges, potentially sparking a fear of missing out among investors.
Sun mentioned ongoing discussions with major meme community leaders, which he believes will attract millions of new users to the Tron network.
Sundog is currently the most talked-about coin in the Tron ecosystem, surging over 76% in the last 24 hours to trade at $0.236.
Its trading volume has also seen a 27% increase, reaching $64.2 million.
