According to CoinGecko, Tron (TRX) has fallen out of the top 10 cryptocurrencies by market capitalization. This comes as meme coin traders seem to be losing interest in the network's meme coin launch pad SunPump.
Following the launch of SunPump by Tron's controversial founder Justin Sun, TRX surged 24.8% to $0.168 to break the top 10 cryptocurrencies. At this peak, SunPump was responsible for 7,531 tokens generated on Tron.
But for the past two days, SunPump has seen fewer than 1,000 coins created on the platform, according to Dunn's data. Meanwhile, Pump.fun launched 6,993 tokens in the last 24 hours. In fact, since the beginning of September, SunPump has generated just 10,147 tokens—more than Pump.fun's total in the last 48 hours.
As a result, Tron's TRX seems to be useless. The token has fallen 9.5% since its recent high of $0.168. This fall meant Toncoin (Ton) rose 4.2% in the last 24 hours and was enough to replace Telegram-related project Tron in the top 10 by market capitalization.
Despite this, many platform-created Tron meme coins are green this week.
Sundog, the biggest meme on Tron, is up 21.5% in the last 7 days with a market cap of $316 million. Similarly, Muncat (MUNCAT) at 21%, Suncat (SUNCAT) at 61%, and SunWkong (SUNWUKONG) at 62.6% when Justin Sun and Elon Musk post memes on Twitter.
Broadly speaking, it was a good 24 hours for the meme market with most of the 50 meme coins in the green.
Big hitters Dogecoin (DOGE) increased by 5.8%, Dogwifhat (WIF) by 8.3%, and Bonk (BONK) by 6.8%. The biggest winner of the week was NERO, with ETH (NEIRO) surging 591.5% to a market cap of $202 million, following listings on multiple exchanges.
This comes as Bitcoin bounces back above $57,000 after a bad week for the major cryptocurrency. With most of the top 100 cryptocurrencies on the day, Tron was one of the few in the red, although it was down 0.7%.
Edited by Stacy Elliott.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
