Incredible Gains with SUNDOG Memecoin on TRON
An unknown investor has achieved astronomical returns with the new memecoin SUNDOG on the TRON network. According to blockchain de-anonymizing platform Arkham, an early investor turned a $1,690 investment into approximately $20 million, marking a staggering 1,183,331% increase in just six days.
Early Investment Success
The investor, identified by the address TT4S5, initially purchased 104.33 million SUNDOG tokens for $1.69K. They now hold $19.52 million worth of SUNDOG spread across seven different addresses and have sent $1.08 million's worth to exchanges, totalling a profit of $20.60 million.
Understanding SUNDOG and Sunpump
SUNDOG is a dog-themed altcoin that recently launched on Sunpump, a TRON-based platform for memecoin launches, trading, stake-mining, and self-governance. The platform, backed by TRON's founder Justin Sun, has generated over $10 million in revenue shortly after its launch, with 23,000 different coins already deployed.
Market Impact and TRON Network Activity
SUNDOG's launch has contributed to TRON's impressive 24-hour trading volume, surpassing other blockchain networks. This surge in activity led to a temporary halt in Sunpump's operations, which have since resumed. In response to increased demand, Justin Sun announced that TRON may raise its energy limit to mitigate network congestion and reduce fees.
Current Market Status
At the time of writing, SUNDOG is priced at $0.2237. Meanwhile, TRON's native token, TRX, is trading at $0.168. The adjustments in TRON's energy policy are anticipated to accommodate the rising usage and popularity of memecoins like SUNDOG, potentially influencing future market trends.
Glossary
- Memecoin: A cryptocurrency often associated with internet memes, typically having a community-driven value.
- TRON network: A blockchain platform aiming to build a decentralized internet.
- Energy Limit: A blockchain parameter affecting transaction processing costs and speeds.
These developments highlight the volatile nature and potential profitability within the cryptocurrency markets, especially involving decentralized finance (DeFi) initiatives on popular platforms like TRON.
