SunPump, a new memecoin deployer on the Tron blockchain, has generated over $1.1 million in revenue in the 11 days since its initial launch.
The Justin Sun-backed platform has taken in total revenues of 7 million Tron (TRX) since its launch on Aug. 9, according to data from the web analytics platform Dune.
So far, SunPump’s biggest revenue day was Aug. 20, when it earned almost 2.78 million TRX worth roughly $400,000, with over 6,000 memecoins created.
In an Aug. 20 X post, Sun said SunPump was down after “experiencing unprecedented traffic,” and the developers were “urgently scaling up” to restore service. The platform came back online roughly an hour later.
Liquidity has been flowing into the Tron blockchain since the launch of SunPump, with a bit of help from the $10 million allocation from Sun’s Meme Ecosystem Boost Incentive Program.
Stablecoin issuer Tether also minted another 1 billion of its Tether (USDT) tokens on the Tron blockchain on Aug. 20.
Tron has generated $2.17 million in revenue over the last 24 hours, doubling the $1.06 million from the day before, according to data from DefiLlama.
Debate still ongoing over memecoin value
Skeptics have questioned the value of memecoins to the crypto industry as Solana-based memecoin trading volumes continue to fall, with recent contested data showing most traders on the Solana memecoin launching platform pump.fun lose money.
Over 1.7 million tokens have been launched via pump.fun since its launch in January, with less than 1.5% of them ever reaching a total value of more than $63,000.
In an Aug. 13 panel discussion at Canada’s Futurists conference, Appchain Noble CEO Jelena Djuric said despite memecoin season still marching forward, she’s skeptical of its longevity.
Messari data engineer Mike Kremer shared a similar sentiment in an Aug. 19 newsletter, claiming memecoins have a “destructive dynamic” as many see their price inflate, leading to insiders dumping the token, leaving it with no real value or utility.
Related: Memecoin casino: $100 bet on Pump.fun has worse odds than roulette
Meanwhile, Sun remains bullish on memecoins, posting to X that he thinks the success of the tokens “isn’t by chance.”
“When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency,” Sun wrote.
Constantin Kogan, a co-founder of decentralized launchpad BullPerks, also thinks memecoins have an important role to play in crypto, calling it one of the “fastest-growing sectors in the space.”
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