Shiba Inu founders would have never thought that the crypto they were creating as a joke would one day be a multi-billion dollar empire. Repeating that feat might have been difficult a few years ago, but not today. Tron has launched a platform to create memcoins backed by the Tron Foundation and Tron’s founder, Justin Sun.
SunPump is a no-code memecoin tool, which means that you don’t need specialized blockchain development to create your memecoin on the Tron blockchain. The platform offers an easy development journey within a few steps.
Creating memecoins costs just 20 TRX. It also provides highly essential liquidity support of 100,000 TRX.
We have created this article to help you launch your first memecoin on Tron within minutes. We also have provided information about its benefits and a few issues that currently trouble users.
Van Eck predicts a 7100% return on investment in Layer-2 coins in the next six years.
What is SunPump?
SunPump is a memecoin tool on the Tron chain. It lets users create memecoins of their desired name in a few steps. Users just need to upload an image and fill in a few details, and it’s done.
The platform was launched by Sun.io, a defi platform linked to the Tron founder Justin Sun.
Sunpump was probably launched in response to Solana’s success in the memecoin market, which, despite being new, has a multi-billion market cap. Further, the success of Solana was mostly due to its memecoin revolution.
Tron expects a similar uplift in its price, which has been stuck below $0.15 for several years now.
You can also create a memecoin on Bitcoin using Runes Protocol.
Despite a recent lunch on Aug 09, 2024, SunPump quickly overtook Solana’s Pump Fun, a memecoin creator platform for the Solana blockchain.
The website’s URL is https://sunpump.meme. The X.com account has about 200k followers.
Better Future Than Solana’s Pump.fun
Though the SunPump platform is less than a month old, it seems strong enough to help Tron cross Solana’s memecoin market in the medium-term future. Multiple factors support SunPump in this journey and eventually could make Tron the top chain for memecoin, beating even Solana.
- Timing
The current markets are at a very sweet time to launch new cryptocurrencies and memecoins.
This bull season has been one of the most profitable ones for memecoins. In the last one year, top memecoins like Pepe, Bonk and dogwifhat have gained record price levels compared to the last year.
Further, in the second half of 2024, we at Droom Droom expect the United States Federal Reserve(US Fed) to announce rate cuts. There are speculations that a set of three rate cuts of 0.25% each will happen by the end of the year.
Such rate cuts can send crypto markets into a new rally, probably bigger than what we saw in the first 3-4 months of this year.
- Tron’s DeFi Presence
Tron dominates one-tenth of the DeFi markets in terms of Total Value Locked (TVL) as compared to Solana’s mere 6%. This is critically important because the larger the TVL is, the greater will be the liquidity for the memecoins.
- High Liquidity from On-Chain Stablecoins
Tron has one of the highest stablecoins compared to most blockchains, with fifteen times more stablecoins ($60 billion) than Solana. Such a high number of stablecoins helps memecoin thrive due to easy liquidity..
Tron’s SunPump vs Solana’s Pump Fun
As of August 2024, Solana enjoyed nearly eight billion dollars worth of the memecoin market. Tron is set to surpass this in the coming years and become the second-largest memecoin blockchain after Ethereum.
Aside from the above factors, SunPump, which is less than a month old, has already beaten Solana’s Pump Fun in network fees and newly issued memecoins.
By the fourth week of its launch, the platform had also generated two million dollars in revenue and is expected to continue growing.
Solana got from $14 to $240 in less than a year due to a strong memecoin and DeFi market.
Creating a Memecoin on SunPump
Creating a memecoin on SunPump is much easier than you think. Here is the detailed stepwise approach to make your job easier.
- Head to the SunPump website.
- Click on launch at the top navigation bar beside the Home button. You will find a form that you must fill out in order to provide all the necessary details.
- The information for filling out the form is listed below.
- Provide a token name and image (create one from Canva for free or any other platform you like). Make sure the name isn’t copyrighted or trademarked.
- Provide a token description and list all its features, benefits and its brand positioning. For example, the memecoin Dogecoin was designed to provide faster transactions than Bitcoin.
- It is highly recommended to create a website, even though its optional, so that your project looks more genuine. Usually, all investors tend to browse project websites before they invest.
- Provide Telegram and Twitter handles, which are also optional. The benefit of providing all the necessary social media platforms is that it shows that your project is indeed genuine, and tends to attract more customers.
- You then need to connect your wallet to mint coins and pay the gas fee. Chrome users could get a Tron wallet or use any extension that provides similar support.
- While launching, you can also buy a small portion of your tokens so to initiate a transaction and protect your tokens from spammers and crypto snipers.
- After clicking launch at the bottom of the page, you will be redirected to pay for the gas fee. Once the gas fee is paid, you will then be shown that your token has been successfully launched.
Fees and Costs Involved
There are three types of fees involved, two of which are to be paid by the creator and one by the token buyer.
- The fee to mint a new memecoin on Tron is currently at 20 TRX, which is a little over $3 (subject to the market price of TRX). This fee is enough to cover the minting costs. There is also an option to pay more so that you can get more tokens allocated to you.
- After this, there is another cost of 3000 TRX or $500 as a liquidity fee. This is only applied once your token crosses the $69k market cap.
If your token gets this high, Tron Foundation will also provide 100,000 TRX for liquidity and add the remaining 200 million tokens to the SunSwap, which could provide you with much greater liquidity.
- There is also a 1% trading fee levied on each buyer who buys your token.
A Few Issues
- Users Cannot Control Memecoin Tokenomics.
SunPump does not allow you to create new memecoins based on customized tokenomics. This is to make the process more standardized. However, for most memecoin creators, the price of the coin matters, as well as its token supply.
- An issue with Tron-Link on Chrome/Brave
Currently, Tron users are forced to use the Chrome plugin Tron Link to create memecoins. However, there might soon be more wallet options available like BNB’s Four.meme, which supports Coinbase wallet, Binance wallet, MetaMask, Wallet connect and many others.
There is no way to bypass this, but we have let SunPump know about this issue.
Conclusion
SunPump appears to be a user-friendly platform for creating memecoins on the Tron blockchain and seems to have a good future. Given its high adoption rate and network activity, this could be the next significant memecoin movement after Solana, perhaps even bigger.
Though the platform provides an easy way to create Tron memecoins without coding anything, yet it has some issues, such as a lack of control over tokenomics and being forced to use a single wallet.
However, we soon expect this to be resolved, making this a highly preferred and popular memecoin creation tool.
Frequently Asked Questions
How much TRX do I need to launch a memecoin on Tron?
Users need 20 TRX to launch their memecoin.
Is Tron-Link safe?
Some users on Chrome Webstore have reported some issues with Tron-link, but most of them are related to its UX. We recommend using small TRX transfers and avoiding using your main wallet to keep your funds safe.
Can I access SunPump on any other browser than Chrome?
Yes, SunPump is supported by Microsoft Edge and Brave. Mozilla Firefox is not currently supported.
Is SunPump easier than Pump Fun?
Of the above two, SunPump is much easier to use than Pump Fun.
