Tron’s new memecoin launchpad, SunPump, played a key role in driving the blockchain’s revenue to a historic high of $151.2 million in Q3 2024, representing a nearly 30% growth compared to the previous quarter, according to a report by blockchain analytics firm Messari.
Between Aug. 12 and Sept. 30, over 89,000 memecoins were launched on SunPump, sparking a massive surge in decentralized finance (DeFi) transactions. This activity caused a 487% increase in DeFi-related transactions during the third quarter, Messari noted in its Oct. 17 report.
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period,” the report highlighted.
In the latter half of August alone, over 270 million TRX tokens were burned, resulting in approximately $42 million in revenue — nearly 27% of Tron’s total Q3 earnings, Messari added.
The SunPump platform saw its busiest day on Aug. 20 with more than 7,500 tokens launched in a single day. The following day, Aug. 21, recorded the highest single-day TRX burn in Tron’s history.
However, September saw a sharp decline in new memecoin launches, with the number of new tokens dropping to below 1,000 per day consistently.
Among the notable memecoins to emerge from SunPump is SunDog (SUNDOG), which has reached a market cap of $217 million. Other popular tokens include Tron Bull (TBULL) and Invest Zone (IVFUN), which have seen high trading volumes.
In addition to the success of SunPump, the market cap of TRX increased by 24% to $13.5 billion by the end of Q3, continuing its growth for the seventh consecutive quarter. At the height of SunPump’s activity, the TRX market cap briefly reached $14.5 billion, according to CoinGecko data.
Tron’s TRX token remained deflationary during the quarter, with a net burn of 587.6 million tokens.
The report also highlighted other positive metrics for Tron, including a 14.4% rise in average daily transactions to 7.2 million and a 6% increase in daily active addresses, reaching 2.1 million.
By capitalizing on the memecoin craze, Tron has established itself as a significant player in the crypto space, with SunPump driving both financial growth and user activity.