Tron's Sundog token jumps 25% amid SunPump memecoin generator hype

Tron-based token Sundog jumped about 25% on Wednesday as traders appear to be testing out the recently launched memecoin generator SunPump.

Sundog was trading hands at about $0.25 as of 1:50 p.m. EST, an increase of about 25% over the past 24 hours, according to CoinGecko. The token's market capitalization briefly eclipsed $250 million on Wednesday.

The precipitous rise of Sundog comes amid the launch of SunPump, a Tron-based memecoin generator that will look to compete with Pump.fun, a low-cost memecoin generator that utilizes the Solana blockchain. Since launching in January, Pump.fun has been used to create nearly 2 million tokens and has generated nearly $100 million in cumulative revenue.

On Wednesday, SunPump announced it had forged a partnership with DWF Labs.

"As a new generation web3 investor and market maker, DWF Labs will empower the SunPump platform to reach new heights," the memecoin generator said in a post to X.

Tron founder Justin Sun has been promoting SunPump in recent days. On Wednesday, Sun predicted the new memecoin generator could drive revenue growth.

"Conservatively, in the next 12 months, Tron’s total revenue could hit $3 billion, with $1 billion burned and $2 billion given as rewards to stakers and for transaction subsidies," he said in a post to X. "If the meme strategy succeeds, it could reach $4 billion."

Sun also said activity on Tron had "surged" on Wednesday to about 9 million transactions and a new version of SunPump will launch Thursday that will significantly improve stability.

"The data discrepancies and K-line issues that everyone reported will also be fully resolved," he said.

Meanwhile, Tron's TRX token has risen over 20% during the past week, according to The Block Price Page.