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SUNDOG, a meme coin based on the Tron blockchain, has surged 370% over the past month.
The rise comes amid the growing popularity of the Sun ecosystem, particularly driven by the recent launch of SunPump, a Tron-based meme coin launchpad.
As of now, $SUNDOG trades at $0.3026. It has gained more than 41% over the past week, positioning itself as one of the top movers in the meme coin space.
According to data from CoinMarketCap, SUNDOG’s market capitalization is over $302 million, and its 24-hour volume exceeds $163 million. It is currently ranked #210 by market cap.
It currently boasts a volume-to-market cap ratio of 54.68%, which suggests growing momentum for the meme coin.
What is SUNDOG?
SUNDOG is the biggest dog meme coin on the TRON network. The token launched on August 15, just days after Tron creator Justin Sun introduced SunPump, a token generator branding itself as the “first meme fair launch platform.”
The rapid rise of Sundog even drew comparisons to Dogwifhat (WIF), the prominent Solana meme coin, due to its quick swing to popularity along with the memeability of the token.
Initially launched as a meme coin, SUNDOG has quickly grown beyond its playful origins to offer a variety of features. These include trading bots, like SUNBOT, which are designed to trade TRON meme coins on Telegram.
Notably, SUNDOG also benefitted from growing liquidity on the Tron blockchain. One factor fueling developer optimism is Sun’s allocation of $10 million to its platform through the Meme Ecosystem Boost Incentive Program.
The initiative aims to support emerging tokens and prevent rug pulls that could leave traders stuck with worthless, illiquid assets. The team said that the program is “exclusively for tokens launched on SunPump,” which they claimed offers “no rug pulls and no team allocation”.
TRON Ecosystem Sees a Boost
The growing adoption of the SunPump meme coin launchpad has also provided a boost to the broader TRON ecosystem.
Earlier this month, TRX, the native token of the Tron blockchain, saw its value rise to $0.1660, the highest it has been since May 2021. Similarly, BitTorrent surged to $0.0000010, and Just (JST) reached $0.034, marking a 40% increase from its lowest point this year.
Furthermore, the total value locked (TVL) within SUN’s DeFi platform has enjoyed a significant boost. According to data from DeFi Llama, SUN’s TVL has reached $777 million, the highest level since November 2022.
Tron is currently outperforming other chains in revenue, with $1.7 million in the past 24 hours. According to data from Dune Analytics, over 81,000 tokens have been created on the SunPump launchpad. SunPump also recently announced an integration with DEX Screener.
🔥🥳 Excited to announce that #SunPump will integrate with @dexscreener next week!
Keep #BUIDLING the meme ecosystem on #TRON with our partners👏 pic.twitter.com/6x3BhyejdF
— SunPump (@sunpumpmeme) August 16, 2024
Justin Sun Faces Legal Issues
The growing popularity of the Tron ecosystem comes as its founder is currently embroiled in controversy. Last year, the Securities and Exchange Commission (SEC) filed fraud and unregistered securities charges against Sun and his three wholly-owned companies for the sale of TRX and BTT tokens.
The SEC claimed that Sun and these companies, which include Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., paid celebrities with large social media followings to promote TRX and BTT without disclosing their compensation.
The lawsuit came as several tokens Sun had purchased or endorsed, such as Huobi’s native token (HT), TrueUSD (TUSD), USDD, and USDJ (a collateral-based decentralized stablecoin), either collapsed or underperformed.
Both USDD and USDJ stablecoins have failed to maintain their intended price stability, and the True Token network no longer has a known auditor.
In response, Sun and his legal team sought to dismiss the lawsuit in April, arguing that the SEC has no jurisdiction over foreign digital asset transactions on global platforms.
The Bottom Line
2024 seems to be in a continued memecoin season, partly spurred by new incentives and initiatives as more platforms try to capture the eye of meme coin enthusiasts.
Right now, SUNDOG gets the spotlight, spurred on by the Sun ecosystem pushing hard into the sector and the popularity of TRON.
If you are interested in investing in SUNDOG, always remember to conduct your research before investing. Past performance does not guarantee future returns. This article should not be considered as financial advice, it is for informational purposes only.
