The insane gain from traders on SUNDOG could spark a memecoin frenzy on the Tron network.
A memecoin trader has pulled off a 100x gain amid bearish market sentiments. Data from Lookonchain shows that a proper-timed Tron network-based token purchase saw a trader turn $650 into over $67,300 in seven hours.
The data confirms that the unidentified wallet address TEP7….VWT1da bought memecoin SUNDOG late Thursday. Notably, the user acquired 6.87 million SUNDOG for just 5,000 TRX ($650).
Seven hours later, after the memecoin had surged significantly, the wallet sold 4.57 million SUNDOG for 522,840 TRX ($68,000), making a profit of 517,840 TRX ($63,700). This represented a massive 104,000% of his initial investment in the memecoin.
At press time, the user still had an unrealized gain of $76,000 (584,615 TRX) from his unsold 2.29 million SUNDOG. According to CoinMarketcap, SUNDOG was changing hands at $0.054 with a 24-hour trading volume of $3.92 million.
Extraordinary gains in this manner are very common in the crypto sector. The Crypto Basics reported a scenario where a patient PEPE trader turned $83 into $79.4 million. There were other cases where a trader flipped 2 SOL to $260,000 on memecoin SHAD, and another user benefited from another user’s pricing error and made 250,000 ADA from 0.5 ADA.
Meme Frenzy on Tron?
This builds on a trend of massive gains realized from memecoin investments in this market cycle. However, market participants have not observed these trends on the Tron network. Most insane memecoin gains have been typical on the Solana network recently. Tokens like Dogwifhat (WIF), BONK, and POPCAT have all emerged from the blockchain, which has been termed the “Ethereum Killer.”
With SUNDOG’s successful outing and reduced traction from Solana-based memecoins, traders might turn to Tron-based memes for the outstanding gains seen from the aforementioned trader. Meanwhile, DeFi protocol Sun.io has released SunPump, a platform that allows users to create memecoins on the Tron network.
Meanwhile, the memecoin sector has struggled recently, declining over 26% in market cap in the past 30 days. At press time, the memecoin cap stood at $39.5 billion, with Dogecoin and Shiba Inu comfortably leading the pack.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.