Tron price surges to two-year high due to Sunpump frenzy

Tron (TRX), the native cryptocurrency of the Tron blockchain, has reached its highest price in two years, driven by a surge in user interest following the launch of Sunpump.

On August 21, 2024, TRX traded the highest price in 2 years at $0.165, marking its strongest performance since August 2022.

Lookonchain on X: "After the launch of #SunPump, the 24-hour revenue on #TronNetwork hit a new all-time high of $3.84M! 

The price boost comes shortly after the introduction of Sunpump, a memecoin launchpad unveiled by Tron founder Justin Sun on August 13, 2024.

The platform has rapidly gained popularity, attracting a significant number of users, which has contributed to the sharp rise in TRX value.

 H.E. Justin Sun 孙宇晨(hiring) on X: "Due to the recent TRON network activity surge, an energy shortage arose. I informed the Super Representatives, who responded positively. They are expected to propose raising the energy limit today, significantly reducing energy cost and fees." 

Justin Sun, the founder of Tron, has proposed an increase in the energy limit of the Tron Network.

This move comes in response to the heightened activity and energy shortage caused by the recent SunPump memecoin frenzy.

The SunPump platform, which facilitates the creation of meme tokens within the Tron blockchain, has seen significant revenue generation since its launch, exceeding $1.1 million.

The proposal aims to address the energy shortage by raising the energy limit, which would help to reduce energy costs and transaction fees on the network. The Super Representatives of the Tron Network have responded positively to this suggestion.

Moreover, Sundog is the most successful Sunpump’s memecoin. It has gained considerable attention, with its market value of $262 million on August 21, 2024.