The Tron blockchain has recently become a focal point in the ongoing memecoin craze, largely driven by the actions of Justin Sun, the network’s founder.
Sun’s promotion of Tron-based memecoins, particularly through the newly launched SunPump platform, has led to notable price surges within the ecosystem. One such memecoin, WUKONG, has seen an impressive 1,300% increase.
As of press time, WUKONG was trading at $5.80, indicating an 11.42% decline in the past 24 hours, according to Coinfomania’s look at CoinMarketCap data.
WUKONG, a Tron-based memecoin, has drawn attention due to its connection to the highly anticipated video game, Black Myth: Wukong. This game, considered one of China’s most ambitious gaming projects, quickly attracted a large player base upon its release. The hype surrounding the game has seemingly transferred to the WUKONG token, propelling it to the forefront of the memecoin market.
Justin Sun further amplified interest in WUKONG by updating his profile picture on X (formerly known as Twitter) to a character from the game. This move has been seen by many as a direct endorsement of the token, contributing to its rapid appreciation.
However, industry experts warn of the potential risks involved in investing in memecoins, noting the prevalence of scam tokens in the sector.
Massive Profits for Early Investors
The rise of Tron-based memecoins has created profit opportunities for early investors. Blockchain data analysis platform Arkham Intelligence recently reported that an investor, identified by the address TT4S5, turned an initial investment of $1,690 in SUNDOG, another Tron memecoin, into $20 million in just six days. This represents an extraordinary return of nearly 12,000 times the original investment.
This trader turned $1.69K of SUNDOG into $20 MILLION in 6 daysTT4S5 was one of the earliest SUNDOG buyers & purchased 104.33M tokens for $1.69K.They currently hold $19.52M of SUNDOG across 7 addresses, and also sent $1.08M SUNDOG to exchanges – for a total profit of $20.60M. pic.twitter.com/ny9HW7qP8R
— Arkham (@ArkhamIntel) August 20, 2024
Arkham Intelligence revealed that this investor purchased 104.33 million SUNDOG tokens early on and currently holds $19.52 million worth of the token across seven different addresses. The investor has also sold $1.08 million worth of SUNDOG on various exchanges, further increasing their profits.
Moreover, SUNDOG traded at $0.1927 at press time, showing a 12.31 decline in the past 24 hours.
SunPump Challenges Solana’s Dominance
Justin Sun’s launch of the SunPump platform marks a move to challenge Solana’s dominance in the memecoin space. SunPump, designed to facilitate the creation and promotion of memecoins within the Tron ecosystem, has already generated substantial interest among Tron holders.
According to Sun, Tron’s significant liquidity pool—estimated at $60 billion in TRON USDT—gives it an advantage over competing blockchain networks.
Sun emphasizes that memecoins rely heavily on liquidity for their success, and Tron’s deep liquidity pool positions it as an attractive platform for both developers and investors.
Additionally, Tron’s fast, low-cost transactions and built-in MEV (Miner Extractable Value) protection further enhance its appeal for those looking to launch or invest in new memecoin projects.
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