SunPump, a newly introduced memecoin deployer on the Tron blockchain, has astonishingly accrued more than $1.1 million in revenue just 11 days after its launch. Backed by the prominent crypto entrepreneur Justin Sun, the platform has garnered a total revenue of 7 million Tron (TRX) since its inception on August 9, as reported by the web analytics service Dune.

The platform’s most lucrative day occurred on August 20, when it raked in nearly 2.78 million TRX, equating to roughly $400,000, with over 6,000 memecoins birthed on that day alone. This surge of activity has been pivotal in channeling liquidity into the Tron blockchain, bolstered by a $10 million allocation from Sun’s Meme Ecosystem Boost Incentive Program.

In conjunction with this momentum, stablecoin issuer Tether minted an additional 1 billion USDT tokens on the Tron blockchain on August 20, further solidifying the platform’s burgeoning influence. According to data from DefiLlama, Tron generated an impressive $2.17 million in revenue over the past 24 hours, more than doubling the $1.06 million it earned the previous day.

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Ongoing Debate Surrounding Memecoin Viability

Despite this success, the memecoin market remains a topic of heated debate within the cryptocurrency community. Critics question the long-term value that memecoins bring to the industry, particularly as trading volumes on Solana-based memecoin platforms have dwindled. Recent data, albeit contested, suggests that the majority of traders on Solana’s memecoin launching platform pump.fun have incurred losses. Since its launch in January, over 1.7 million tokens have been launched on pump.fun, yet less than 1.5% have ever exceeded a total value of $63,000.

During an August 13 panel discussion at Canada’s Futurists conference, Appchain Noble CEO Jelena Djuric expressed skepticism regarding the sustainability of the memecoin trend, despite its ongoing popularity. Similarly, Messari data engineer Mike Kremer echoed these concerns in an August 19 newsletter, asserting that memecoins possess a “destructive dynamic” that often results in rapid price inflation, followed by insider dumping, which leaves the tokens devoid of tangible value or utility.

Conversely, Justin Sun remains optimistic about the future of memecoins. In a recent post on X, he asserted that the success of these tokens “isn’t by chance.” He emphasized that when developers can launch projects fairly, build supportive communities, and cultivate loyalty and enthusiasm, the entire community can share in the cryptocurrency’s success.

Adding to the discourse, Constantin Kogan, co-founder of the decentralized launchpad BullPerks, highlighted the significance of memecoins in the broader crypto ecosystem, describing it as one of the “fastest-growing sectors in the space.”

As SunPump continues to soar, the discourse around memecoins’ value and sustainability is likely to intensify, shaping the future of this rapidly evolving sector within the cryptocurrency landscape.