Is Tron’s Memecoin Season on the Horizon? Sundog and TronBull Soar
The Tron network is currently seeing a surge in memecoin activity, leading many to speculate that a Tron memecoin season is on the horizon. Several top meme coins on the platform have shown impressive price increases, some exceeding 100%, within the past 24 hours.
According to blockchain analytics firm Nansen, Tron memecoin activity has been on the rise. The number of active addresses holding Tron memecoins has jumped to over 1100, a significant increase from just a few days ago. Additionally, trading volumes in memecoins on Tron have surged from $200k to $2.4 million, indicating a growing interest in these tokens.
On the same day, prominent Tron memecoins like Sundog, BULL, TBULL, and Fofar.meme experienced substantial price hikes. Sundog, the largest memecoin on Tron, saw an 11% increase in a day and a 40% surge over the last week. The BULL and TBULL tokens, the second and third largest memecoins on the platform, both saw a 50% rise in just one day. Similarly, Fofar.meme witnessed a remarkable 124% increase in its value.
The uptick in TRX memecoin activity aligns with a resurgence in total active addresses and daily transaction counts on the Tron network. From 1.8 million active addresses in February, the platform now boasts 2.6 million active addresses in March. Daily transaction counts have also risen from 5 million to 9 million, indicating a growing interest in Tron memecoins.
Despite the positive outlook, some traders remain cautious about the potential for a Tron memecoin season. Concerns have been raised about the correlation between Tron season and “rug season,” a term used to describe fraudulent actions in the crypto space. Additionally, criticisms have been aimed at Nansen for their analysis, given the recent negative attention on memecoins.
It is worth noting that most Tron memecoins are relatively small in terms of market capitalization. While Sundog commands a market cap of $61 million, the BULL token has a market cap of just $5 million. Only five memecoins on the Tron network have a market cap exceeding $1 million, highlighting the volatility and susceptibility to market manipulation in this space.
Traders are advised to approach investments in TRON memecoins with caution due to their smaller market capitalization and lower liquidity, which can lead to heightened price volatility and potential manipulation by traders with limited capital. As the market continues to evolve, it is essential for investors to stay informed and exercise diligence when navigating the Tron memecoin landscape.
