Justin Sun Launches Memecoin Platform on Tron

Plus an Alien CryptoPunk reportedly sells for a massive loss.

TylerD

Aug 19, 2024

TylerD's Market Summary

GM!

Today's top news:

Crypto majors dip after weekend rally; memes continue fall
Justin Sun launches Pump Fun competitor on Tron
Alien CryptoPunk sells for $3M, $20M loss for seller
Fantasy Top sees highest daily volume in ~2 months
Franklin Templeton files for Crypto Index ETF

☀️ SunPump To Rival Pump Fun on Tron

Memecoin season seemingly hit a lull late last week.

After the blow off top caused by the Elon x Trump convo led to Pump Fun's record-breaking $5M revenue day.

Now it seems Justin Sun wants in on the action and may be igniting the next season.

What Happened?

Justin Sun and Sun.io have created and released SunPump, a memecoin launchpad on Tron.

While SunPump will be similar to Pump Fun in many ways, there are a few key differences:

Tron is putting together a $10M "Meme Ecosystem Boost Incentive Program" to provide resources for new tokens
They are promising any token to maintain $1M in daily volume for 3 days to get listed on Poloniex
A review process will be put in place to avoid rug pulls

Justin Sun commented on the launch and specifically on criticism around bad actors:

"To address this, the Sun team is committed to enhancing our review processes, introducing community oversight, and promoting transparency to ensure the safety and trust of our users.

SunPump conducts a thorough vetting of creators and projects before they are allowed to launch on the platform, helping to ensure that they meet specific standards of integrity."

A meaningful difference from Pump Fun - if they're able to pull it off.

Why It Matters

Pump Fun has had tremendous success this year, reaching $95M in cumulative revenue in 5 months.

But they've caught some FUD as of late for "killing memecoins," unsurprisingly around the same time as their record-setting $5M day.

(It doesn't help that the meme leaders and mid-tiers have all been down only for a few weeks now.)

And more sobering stats related to Pump Fun traders have been circulating.

Looking at metrics for top wallets from the new Pump leaderboard:

$1,000,000 in profits = top 70 trader (0.0028% of all wallets)
$100,000 in profits = top 924 (0.037% of all wallets)
$10,000 in profits = top 11,936 (0.477% of all wallets)
$1,000 in profits = top 76,587 (3.061% of all wallets)

So only 3% of traders have made $1,000 or more in Pump Fun. Yikes.

This has led to many exiting the game, or at least taking a break.

Which will be an important trend for Justin Sun and team to watch as they launch SunPump.

But perhaps their new model of backing team with real resources and vetting out bad actors will be the change needed to reignite the meme market.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

ETH led NFT trading volume with $3.9M on the day; Solana was next with $2.8M, and then BTC with $1.6M
ETH NFT leaders were mixed on the day but finished the week up 10-20%; Pudgy -1% at 9.14 ETH, BAYC -2% at 12.2 ETH, Azuki even at 4.45, MAYC +3% at 2; Milady +3% at 3.65
World of Women (+38%) and Pudgy Rogs (+35%) were other notable top movers
BTC NFT leaders were mixed; NodeMonkes -1% at 0.127 BTC, Puppets +5% at 0.087 BTC, Quantum Cats -2% at 0.262; DomoDucks jumped 160% to 0.03 BTC
The Runes leaders were mostly red; DOG -3% at $283M mc, RSIC -5% at $86M mc, PUPS -3% to $45M
Solana NFTs were mostly green; Mad Lads +10% at 57 SOL, SMB Gen 2 +2% at 23, DeGods +7% at 30
Alien CryptoPunk #5822 reportedly sold for ~$3.9M indicating a $20M loss for the seller

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

Fantasy Top saw local highs in trading volume and card floor prices after the introduction of Heroes 3
A new Pump Fun leaderboard dropped with a sobering reality check for how few traders are making money (just 3% have made $1,000; 0.037% for $10,000)
Polymarket daily active traders hit a new ATH of 8,150 on Friday
XNET, a mobile DePIN network, went live on Solana on Friday
Web3 crypto arcade game BSMNT debuted on Base on Thursday along with a new gaming network B3.fun

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

Crypto majors are red this AM after a green weekend; BTC -3% at $58,120; ETH -3% at $2,575, SOL -2% at $141
Memecoin majors are more red with DOGE -4%, PEPE -4%, WIF -6%, BONK -5%, MOG -5%; r/snoofi, YAWN outperform
Franklin Templeton filed for the first Crypto Index ETF, featuring BTC and ETH
Balaji introduced The Network School along with a 90-day popup running Sept 23 - Dec 23
Donald Trump holds at least $1M worth of ETH according to recent filings, likely tied to his NFT sales

🚀 Memecoin Movers

$r/snoofi (+345%, $11M market cap, SOL)
$YAWN (+95%, $25M market cap, ETH)
$JEST (+42%, $17M market cap, ETH)
$BUB (+40%, $26M market cap, SOL)
BRAINLET (+25%, $20M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

Burner (165%, 2.5 ETH Floor)
An Old Soul (120%, 0.32 ETH)
Chameleon Travel Club (72%, 2.15 ETH)
World of Women (38%, 0.4 ETH)
Pudgy Rogs (35%, 0.22 ETH)

🗓 Upcoming Mints and Events

Today is a busier day of drops to start the week.

Vlada is the meme card artist and artist Cory Van Lew is doing a preview of his 18 piece SLEEP DEMONZ collection today with SuperRare.

See the full list and dive in for more details with Swizzy's daily mint monitor.

Dark Machine (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Cory Van Lew x SuperRare - Sleep Demonz (1:00 p.m. ET)
Maneki Neko (2:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.