In the early hours of 21st August, a crypto trader shocked the market by turning a $1,690 investment in SUNDOG into over $20 million in less than a week.
The trader, whose wallet address is TT4s…DLkk purchased 104.33 million SUNDOG tokens at the early stages of the meme coin’s launch, and the rapid surge in value has left the crypto community with mixed reactions.
A Whooping Price Increase for SUNDOG
Blockchain intelligence platform Arkham said in a post that the dealer currently has $19.52 million worth of SUNDOG spread over seven different addresses. They have also sent $1.08 million worth of SUNDOG to exchanges, resulting in a $20.6 million profit overall. This enormous profit has provoked a range of reactions.
On social media, some people have speculated that the trader may be Justin Sun, the founder of Tron, while others think the trader may be an insider trying to pull a trick.
The rapid development of SUNDOG has surprised the cryptocurrency community. A few days ago, its market capitalisation was $2 million and today, it is $200 million.
The early excitement surrounding the coin did not rapidly wane, as many in the community had expected. Rather, it seems that Justin Sun, the millionaire inventor of Tron, issued a prediction that SUNDOG may become the first billion-dollar meme coin on the Tron network.
Currently, SUNDOG is priced at $0.2469, representing a significant 70% increase over the last 24 hours. Its market capitalization has reached $246.9 million, marking a rapid rise that has both excited and concerned investors.
Is SUNDOG Following Footsteps of PEPE & Shiba INU?
The prior successes of other meme coins, such as Shiba Inu and PEPE, are mirrored in the SUNDOG mania. With Justin Sun’s entry into the meme currency space, anticipation has grown once again.
Many believe SUNDOG will be able to compete with meme coins from other networks, such as Solana, which saw rapid expansion earlier this year. Tron’s status as a leading player in this segment of the cryptocurrency market is further cemented by Sun’s entry into the meme coin area.
Even though the trader’s astounding profit has drawn notice, there is still debate around it. Some speculate that this might be a planned attempt to artificially raise the coin’s value before pulling the rug, a popular scam in the cryptocurrency space when the developers abruptly remove liquidity and leave investors holding worthless tokens.
The market for meme coins is still booming despite these worries, and many investors are ready to seize the next big chance. It remains to be seen if SUNDOG will eventually succumb to market manipulation or maintain its upward trajectory.