Tron founder and prominent crypto figure Justin Sun is taking a bold step into the burgeoning memecoin market with the launch of SunPump, a new platform that allows users to mine their own memecoins on the Tron blockchain.
Justin Sun Invests Big in Memecoins with Tron-Based Token Generator 'SunPump'
This new decentralized finance (DeFi) project is part of Sun.io, the DeFi protocol associated with Sun.
The platform will compete with Solana’s popular counterpart pump.fun, which saw trading fees rise to an all-time high of $5.3 million in a single day this week.
However, memecoin platforms have come under fire for enabling “Rug Pulls,” where bad actors create and promote a token, but it disappears after investors pump in funds.
Sun aims to address these concerns with SunPump by increasing safety measures and ensuring community trust.
“To address this issue, the Sun team is committed to improving our review processes, implementing community oversight, and promoting transparency to ensure the safety and trust of our users,” Sun said in an interview.
According to Sun, SunPump will apply rigorous vetting to projects and creators before allowing them to launch, helping to maintain a standard of integrity.
When asked about what sets SunPump apart from other platforms, Sun pointed to a strategic partnership with crypto exchange Poloniex.
Projects that reach $1 million in daily trading volume for three consecutive days will be eligible to be listed on the exchange, providing an attractive incentive for memecoin producers.
To further support the Memecoin ecosystem, Tron and SunPump are launching the Meme Ecosystem Strengthening Incentive Program with a $10 million fund.
This initiative aims to provide resources and incentives for new projects on the platform and to foster innovation and growth in the rapidly expanding memecoin market.
*This is not investment advice.