Connect with us

crypto market

Tron-Based SUN Token Soars 197% Amid SunPump’s Momentum

Published

4 weeks ago

on


The memecoin frenzy has reached the Tron Network after the launch of Pump.fun’s rival, SunPum. The new memecoin deployer has been making the headlines after surpassing its Solana-based counterpart on key metrics this week.

The platform’s remarkable performance in the past two weeks has propelled the network, TRX, and the SUN ecosystem. As a result, SUN, the native token of the DeFi protocol behind SunPump, has surged over 190% in the last seven days.

SunPump Takes The Market By Storm

Nearly two weeks ago, DeFi protocol SUN.io introduced SunPump, a Tron-based memecoin launcher to rival Solana’s Pump.fun. The project, which has been heavily promoted by Tron’s founder Justin Sun, became the first memecoin deployer in the blockchain.

Presented as a “convenient and cost-effective token issuance solution,” the deployer has gained significant popularity in the past week. The crypto community was first skeptical about the project, claiming it likely marked “the end of the memecoin era.”

However, its recent performance has brought new life to the Tron network, significantly boosting activity. Dune Analytics data shows that SunPump has deployed over 33,330 memecoins since its creation, generating over 13.1 million TRX, worth around $2 million, in revenue.

On Wednesday, the platform reached an all-time high (ATH) on key metrics, surpassing its Solana counterpart in issued tokens and daily fees. SunPump made $585,000 in revenue on that day from creating 7,531 tokens, while Pump.fun launched 6,701 and generated $366,000 in fees.

tron
SunPump flips Pump.fun in issued tokens and daily revenue. Source: Adam on X

Tron-Based Tokens See Massive Surge

Some investors have capitalized on the new memecoin frenzy with some of the most popular tokens launched in the blockchain. A week ago, two animal-themed tokens saw increases of over 50,000% and 25,000% after launching.

At the time, SUNDOG reached a market capitalization of $60 million, which granted it to be listed on crypto exchanges Poloniex and HTX. Since then, the dog-themed token has reached a market cap of $322 million, currently at $190 million.

As of this writing, SUNDOG is trading at $0.1918, a 260% price increase in the last seven days. Similarly, SUN, the native token of SUN.io, is among the largest winners of the week, with a 197% surge propelled by the network’s momentum.

SUN was originally launched in 2021 and reached an ATH of $66 before crashing due to supply hyperinflation. Since then, the token has been redenominated as a multifunctional governance token on the SUN platform.

Last week, SunPump revealed that 100% of the protocol’s revenue would be used to buy back and burn SUN tokens to “support the sustainable development of the SUN ecosystem.”

Moreover, Binance Futures announced on Thursday the launch of the SUNUSDT Perpetual Contract with up to 75x leverage. This week, the bullish push has made SUN’s price break out of a multi-year consolidation range.

After moving sideways within the $0.003-$0.01 price range for the past four years, SUN broke above the $0.15 resistance level on Tuesday. Since then, the token has continued its bullish rally with a 30.4% increase in the last 24 hours. As of this writing, SUN is trading at $0.031 with a market capitalization of $301 million.

Tron, SUN, SUNUSDT
SUN’s performance in the seven-day chart. Source: SUNUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com



Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

US Fed Cuts Interest Rate By 0.50%, Will It Spark A Crypto Rally?

Published

1 day ago

on

September 18, 2024

By


The US Fed interest rate cut decision of 0.50%, in line with the market expectations, marks the first policy rate trim in four years. The event was eagerly awaited by the market participants, with traders now awaiting the upcoming Fed Chair Jerome Powell’s speech. Although the market was already expecting a 0.50% rate cut by the US central bank, it appears to boost the market sentiment, potentially paving the way for a crypto market rally.

US Fed Interest Rate Cut At 0.50%

According to the latest FOMC announcement, the US Fed interest rate cut comes in at 0.50%, while a percentage was anticipating a smaller policy rate trimming of 0.25%. However, the latest decision, which comes after four long years, appears to have boosted the market sentiment.

Usually, the lower policy rates aid in bolstering the market sentiment, potentially inducing borrowing and spending that helps stimulate the economy. Having said that, the latest decision appears to have been lauded by many, while raising the risk-bet appetite of the investors. Meanwhile, the lower rates also tend to boost market confidence towards riskier assets like crypto as well as stocks.

However, it’s worth noting that there are several other factors in play, that might influence the market sentiment. For instance, if Fed Chair Jerome Powell speech reveals a hawkish stance ahead, it could potentially dampen the momentum set after the dovish decision by the US Federal Reserve.

A Crypto Market Rally Ahead?

The US stock market has already responded positively to the decision, with all three indices trading in the green today. Besides, it has also fueled speculations over a potential crypto market rally, as the US central bank opted for the bigger rate cut plan.

Meanwhile, the broader crypto market has wiped off its latest losses post the US Fed interest rate cut decision. Simultaneously, BTC price moved up over 1.5% in the last hour to $60,350, after falling to as low as $59,218.25 recently. On the other hand, top altcoins like XRP, BNB, and others, have also noted significant gains following the US FOMC interest rate cut decision.

Now, the market eagerly awaits the Jerome Powell speech, which would provide further cues on the Fed’s potential stance going forward. If the Fed chair leans towards a dovish plan, it could hold the positive momentum ahead, potentially keeping the crypto market rally intact.

However, any hawkish comments, as the Fed hints towards another 50 bps rate cut in the remaining two Fed meetings, could dampen the investors’ sentiment. Despite that, some market experts anticipate a volatile market post the rate cut decision, based on historical trends. Considering that, the investors are advised to exercise due diligence while putting their bets on the assets.

✓ Share:

Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Crypto Market Awaits FOMC & Powell’s Speech Amid US Fed’s 0.5% Rate Cut Bets

Published

5 days ago

on

September 15, 2024

By


The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week

The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus

Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut. Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

✓ Share:

Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Bitcoin

Bitcoin Price Recovery Hinges On This Key Market Indicator, Reveals Analyst

Published

6 days ago

on

September 14, 2024

By


Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon