An anonymous trader on the Tron network has turned an initial investment of $1,000 into over $750,000 thanks to trading a new memecoin called SunWukong.
In an August 21 post on X, blockchain data platform Arkham Intelligence revealed that the trader purchased 43.8 million SUNWUKONG tokens for just $997.
The value of the SunWukong memecoin skyrocketed after Tron founder Justin Sun changed his X profile picture to Sun Wukong – the main character in the newly released video game, Black Myth: Wukong, based on Chinese folklore.
The game, which was released on August 20, set a record by having more than 2.2 million concurrent players on the Steam platform in its first 24 hours, becoming one of the most popular single-player games in the platform's history.
According to data from DexScreener, the capitalization of SunWukong token increased from $3,000 to $17 million, equivalent to an increase of more than 566,500% in less than 12 hours.
The trader's memecoin holdings rose from $1,000 to a peak of $750,000 during the surge.
However, the price of this memecoin has since dropped 58% from its peak, and at the time of writing, the token has a market capitalization of $6.5 million.
SunWukong's value skyrocketed after Sun changed his profile picture. Source:DexScreener
It is worth noting that all these profits remain only on paper.
Data from Tronscan shows that the trader has yet to sell any SunWukong tokens, leaving the current value of his holdings at around $329,000 at the time of writing.
The transaction comes amid the explosion of SunPump, a protocol that deploys memecoin on the Tron network, named after Justin Sun.
In the 12 days since its launch on August 10, SunPump generated more than $1 million in revenue.
SunPump is a clone of Pump.fun, a popular memecoin protocol on the Solana network that has created a memecoin craze on the network and generated a whopping $95 million in revenue since its launch in January this year. There are also suggestions that SunPump is waging a ‘vampire war’ to suck the blood out of Pump.fun, similar to the DEX war of 2020.
While memecoin enthusiasts rejoiced at the development, others criticized these speculative assets as “extractive” and argued that they destroyed the core principles of crypto.
Source: https://tapchibitcoin.io/trader-bien-1-000-thanh-750-000-nho-giao-dich-memecoin-sunwukong-tren-mang-tron.html
