Tron Meme Coins Soar on Justin Sun’s Energy, Fees and NFT Talks
beincrypto.com 02 September 2024 18:49, UTC Several Tron meme coins, including Sundog (SUNDOG), has surged by nearly 10%, outpacing the broader market. This increase comes after positive remarks from Justin Sun, which have likely fueled investor confidence.
Meanwhile, SunPump, the blockchain’s meme coin generator, is gradually gaining market share, challenging Solana’s Pump.fun.
Justin Sun Reveals Additional Plans for Tron Blockchain
Sun highlighted another energy cap increase on the Tron blockchain, which has notably eased the overall energy shortage. This follows a recent move to raise the energy cap to 120 billion. Along with the energy cap adjustments, the network also reduced SunPump gas fees by 50%, lowering transaction costs to encourage greater user adoption.
“Today, a large amount of energy was released on the Tron network. Along with the increased energy cap, the overall shortage has been significantly alleviated. Tron global nodes will monitor energy supply and prices closely to keep Gas Fees competitive in the industry,” Sun wrote.
Sun also hinted at additional fee cuts, mentioning that exchange fees would return to the standard rate of 1U. Already, transaction fees for trading Tron meme tokens via OKX Wallet have been slashed by 98%, with Sun encouraging users to take advantage of these reductions.
Read more: What Is TRON (TRX) and How Does It Work?
In addition to focusing on Tron meme coins, Sun discussed the potential for launching high-quality NFT projects on the Tron blockchain.
“Tron needs a native, truly high-quality NFT project. To be honest, if such a project comes to life, I would change my PFP to one from that project,” he shared.
Sun also mentioned that all NFT trading fees would be used to buy back and burn NFT tokens. These moves reflect his commitment to expanding Tron’s influence, with SunPump recently surpassing Solana’s Pump.fun in 24-hour revenue metrics.
SunPump Hype Bodes Well for TRX Token
Optimism around SunPump continues to positively impact Tron’s powering token, TRX. August was TRX’s most bullish month since April-May 2021, with the token now just 13% away from its 2021 peak of $0.1800.
BeInCrypto data shows TRX is trading for $0.1565 at the time of writing, up 0.13% since Monday’s session opened.
Digital asset educator Mystery of Crypto credits this strong performance to factors like revenue growth from SunPump, Justin Sun’s active promotion of meme coins, and the liquidity shift from Solana and Base blockchains to Tron.
“As of September 1, Tron has the second most daily active addresses after Near Protocol, showing growing engagement. TRON’s deflationary nature and active community make it a potential opportunity for investors,” Mystery of Crypto concluded.
Read more: 7 Best Tron Wallets for Storing TRX
Additionally, buybacks and burns are providing tailwinds for TRX. However, some skeptics remain cautious due to Justin Sun’s controversial history, fearing potential operational and transparency issues.
“Chinese crypto chat channels continue to warn about Justin Sun rug pulling them. This isn’t shocking for anyone who has paid attention to HUSD, USDD, TRX, or any other crap associated with His Little Princess,” one user shared on X.
