SunPump Memecoin Frenzy Boosts Tron’s Quarterly Revenue to Record $151M: Messari

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…

Share

Last updated:

October 18, 2024 05:20 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Tron’s memecoin launchpad, SunPump, has driven the blockchain’s quarterly revenue to an all-time high of $151.2 million in the third quarter of 2024, according to a report by Messari.

This marks a significant 30% increase compared to the previous quarter, fueled by a surge in decentralized finance (DeFi) activity linked to the launch of over 89,000 memecoins between August 12 and September 30.

Tron’s DeFi Transactions Increase by 487%

The report, released on October 17, highlights a staggering 487% increase in Tron’s DeFi transactions during Q3.

“SunPump activity began picking up on August 16 and went parabolic in the following two-week period,” Messari noted, indicating a critical period of growth.

During the latter half of August alone, over 270 million TRON (TRX) tokens were burned, generating approximately $42 million—nearly 27% of Tron’s total quarterly revenue.

A record-breaking 7,500 tokens were launched on a single day, August 20, while August 21 witnessed the largest single-day burn of TRX in Tron’s history.

Despite this surge, memecoin launches slowed significantly in September, dropping to fewer than 1,000 new tokens per day.

Among the successful projects, SunDog (SUNDOG) stood out, achieving a market capitalization of $217 million.

Other popular tokens, such as Tron Bull (TBULL) and Invest Zone (IVFUN), also saw considerable trading volumes.

Tron’s native token, TRX, continued its deflationary trend in Q3, with a net burn of 587.6 million tokens.

The token’s circulating market cap increased for the seventh consecutive quarter, rising by 24% to reach $13.5 billion, briefly peaking at $14.5 billion during the height of SunPump’s activity, according to CoinGecko.

Tron’s total value locked (TVL) in DeFi protocols reached $8.1 billion by the end of Q3, but has since fallen to $6.98 billion, as per DeFiLlama data.

Meanwhile, Tether’s (USDT) market cap on Tron rose by 3% to nearly $59 billion.

TRX has remained steady, trading at $0.16 over the past 24 hours.

Tron’s Parent Company Seeks Dismissal of SEC Lawsuit

The entity behind Tron has requested the dismissal of a lawsuit filed by the United States Securities and Exchange Commission (SEC) against it, arguing that the regulator’s focus on “predominantly foreign conduct” goes beyond its jurisdiction.

In a dismissal motion filed in a New York federal court, the Tron Foundation stated that the SEC’s attempt to apply US security laws to predominantly foreign activities exceeds the regulator’s authority as it is not a global regulatory body.

The SEC’s lawsuit, filed in March of last year, targeted Tron founder Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc., the San Francisco-based parent company of BitTorrent, which Tron acquired in 2018.

The SEC alleged that the sale of Tron and BitTorrent (BTT) tokens constituted unregistered securities offerings.

The SEC also accused Justin Sun, a Chinese-born Grenadian citizen, of engaging in manipulative wash trading and undisclosed payments to celebrities like Soulja Boy and Akon to promote the tokens.