SunPump, a new memecoin deployer on the Tron blockchain, has generated over $1.1 million in revenue in just 11 days since its launch earlier this month.

The rapid rise in popularity of SunPump is significantly linked to substantial investments and backing from Tron’s founder, Justin Sun.

In a striking example of the volatility of meme coins, one trader turned an investment of $1,690 in SUNDOG into a staggering $20 million within just six days.

Despite the excitement surrounding memecoins, skeptics are raising concerns about their value, noting declining trading volumes for Solana-based memecoins and high loss rates among traders.

As the cryptocurrency market continues to evolve, there remains potential for new trends and opportunities, although the current micro-cap memecoin market may be nearing exhaustion.

Tron's TRX token has seen a remarkable increase of over 20% in value over the past week, bringing its market cap to $13.8 billion.

This surge in TRX's value has positioned it to compete for the ninth spot in market capitalization, currently held by DOGE.

USDD, Tron's stablecoin, has a total supply of around $744 million, backed by 10.9 billion TRX tokens valued at over $1.7 billion.

Justin Sun clarified that USDD operates similarly to MakerDAO's DAI, allowing for collateral withdrawal and requiring topping up under certain conditions.

Market indicators show strong buying pressure for various cryptocurrencies, with the Relative Strength Index (RSI) rebounding from the midline.

Cardano (ADA) has recently experienced a price increase of over 4%, reaching approximately $0.344, with trading volume also on the rise.

Optimism remains among some community members regarding Cardano's potential for recovery, recalling its previous rise from a low ranking to the top four in 2021.