In the once-dubbed “Wild West” world of cryptocurrency, there are stories that defy logic and reason—stories of traders turning small investments into life-changing sums almost overnight, like yesterday’s story reported by Coinfomania. Another such story recently came to light on the Tron Network—shared by on-chain data tracker Lookonchain on their X handle on Friday, August 16—where a trader, known by the wallet ID “TEP7…T1da,” managed to flip a modest sum of $650 worth of Tron (5,000 $TRX) into a huge sum of $67,300 in just seven hours. Talk about hitting the jackpot!
We noticed that some traders have made 100x gains trading #MEMEcoins on the #TronNetwork!Trader"TEP7…T1da" spent 5,000 $TRX($650) to buy 6.87M $SUNDOG and sold 4.57M for 522,840 $TRX($68K), making 517,840 $TRX($67.3K) in just 7 hours, a 104x return!He still holds 2.29M… pic.twitter.com/6kREFmtTCv
— Lookonchain (@lookonchain) August 16, 2024
This particular trade involved a memecoin called SUNDOG, a token that, like many others in the crypto space, likely started as a joke but turned into a serious moneymaker. “TEP7…T1da” bought 6.87 million $SUNDOG tokens with his 5,000 $TRX investment. A few hours later, the trader sold 4.57 million of these tokens for 522,840 $TRX, which was worth $68,000 at the time. The result was a mind-blowing 104x return on investment in less than a workday.
But there’s more. The trader still holds 2.29 million $SUNDOG tokens, which, at the current price, are worth an unrealized $76,000, according to the post. Indeed, it’s a wild ride of epic proportions that leaves most of us wondering, “What would I have done?”
A Lesson in Timing, Risk, and Reward
MEME coins have been around for a while, but they’ve gained momentum on the Tron Network, known for its speed and low transaction fees. This environment is perfect for traders looking to capitalize on the quick price swings of these speculative assets. The trader’s ability to buy in at the right moment and cash out before the inevitable pullback shows a sound understanding of market forces.
However, it’s also important to recognize the risks here, fellas. Memecoins like $SUNDOG are notorious for their volatility. They can pump hard and fast but dump just as quickly. The fact that the trader still holds 2.29 million tokens worth $76,000 in unrealized profits speaks to the delicate balance between greed and caution. Thus, knowing when to walk away with your winnings is just as crucial as knowing when to buy in and not getting “slaughtered.”
Venturing into Trading? Then, Consider These!
For those inspired by this story, it’s important to approach such trades with an abundance of carefulness. The crypto market, especially the memecoin sector, is not for the weak in heart. Before ‘trespassing’ into trades like this, consider setting clear goals. Know how much profit you’re aiming for and when you plan to cash out. Greed is a powerful emotion but can lead to heartache if not controlled. Learn to manage your risks, only investing what you can afford to lose, not more, maybe even less. Don’t let the fear of missing out (FOMO) shift your trading decisions. Hold the fort, mate.
The post Tron Trader Turns $650 into $67K in 7 Hours, Holding $76K More: Lessons from the SUNDOG Pump appeared first on Coinfomania.
