Traders Focus On Meme Coins As Bitcoin, Ethereum And XRP Erase Recent Gains 

• Bitcoin, Ethereum and XRP dip under key support levels at $60,000, $2,600 and $0.60 respectively. 
• Tron ecosystem’s meme launchpad SunPump generates over $1.1 million in revenue within twelve days of its launch.
• Tron network daily revenue reached a record high of $26.83 million on Tuesday, per DeFiLlama data. 

Bitcoin, Ethereum and XRP updates

• Bitcoin, Ethereum and XRP are trading under important support levels at $60,000, $2,600 and $0.60 early on Wednesday.
• The three cryptocurrencies erased gains from the start of the week as traders shift their attention to other categories of crypto like Artificial Intelligence (AI) and Tron’s ecosystem meme coins launched on the SunPump.
• Sunpump generated over $1.31 million in revenue within twelve days of its launch, according to data from Dune Analytics.

Sunpump revenue from token launch

• The Tron network hit a key milestone with record high daily revenue of $26.83 million on Tuesday. This can be attributed to the  on-chain activity coming from the SunPump launchpad.

Tron protocol revenue 

Chart of the day

TRX/USDT daily chart

TRON (TRX) trades at $0.1639 at the time of writing. The token rallied nearly 1.36% on Wednesday, alongside a rise in on-chain activity, extending the gains seen earlier this week. The Relative Strength Index (RSI) reads 84.19 at the time of writing, well in the overbought region, generating a sell signal as there are increasing chances of a pullback.

If a correction occurs, TRX could find support at $0.1436.

Market updates

• K33 Research data shows that, since the beginning of the year, Pump users have launched 1,829,747 meme coins.
• Mt.Gox transferred 12,000 Bitcoin (worth approximately $710 million) to a new wallet address, according to on-chain data.

Mt.Gox BTC transfer

• A SUNDOG (newly launched meme coin on Sunpump) trader turned $1,690 investment of 104.33 million tokens to $20 million within six days, per Arkham Intel data.

Industry updates

• Tether launched USD Tether on Layer 1 Aptos blockchain to improve crypto access and reduce transaction costs for users.
• Bankrupt crypto firm Terraform Labs’ Chapter 11 bankruptcy hearing has been scheduled for September 19.
• Tether announces plan to develop UAE Dirham-pegged stablecoin.