SunPump market cap reaches $268m as Sundog, FoFar, Suncat tumble
Tokens in the SunPump ecosystem experienced a significant decline, reflecting a similar downturn in the Pump.fun ecosystem.
On Aug. 22, the Sundog (SUNDOG) token dropped by over 7%, reducing its market cap to $215 million. Other tokens in the ecosystem fared worse, with FoFar (FOFAR), Suncat (SUNCAT), and several others all plunging by over 40% during the same period.
These declines occurred as the total market cap of all tokens in the SunPump ecosystem reached $268 million, just a week after its launch.
According to data from DeFi Llama, the total value locked in the SunPump ecosystem has climbed to $1.3 million, with the annualized fee income rising to $4.12 million.
Token generation platforms have proven to be highly profitable this year. Despite the sharp drops in most Pump.fun tokens, the ecosystem has generated nearly $100 million in fees over the past eight months. These platforms earn fees by charging for token launches and transactions.
SunPump tokens declined even after the network announced a partnership with CoinMarketCap. This collaboration will introduce a new dedicated express support channel for Tron (TRX) memes. CoinGecko, CoinMarketCap’s closest competitor, has already launched a dedicated page for these memes.
Justin Sun, the founder of Tron, hopes that the meme coins within the ecosystem will boost Tron’s network similarly to how they have energized the Solana (SOL) blockchain.
Meme coins have helped turn Solana to the second-biggest blockchain for Decentralized Exchanges after Ethereum (ETH). It has a market dominance of 22.2% while Tron has 0.86%.
There are signs that this growth is working as the volume handled in Sun DEX has risen by 332% in the past 7 days to over $543 million.
These tokens could benefit if there is a new crypto bull run, which will only happen if Bitcoin (BTC) rises above the all-time high of $73,800.
