As a seasoned crypto investor with battle-scarred fingers from riding the rollercoaster of digital assets, I must admit that the Sundog meme coin surge has caught my attention. The 3,335% rise in just over a week is nothing short of astonishing, and it’s hard not to be impressed by such meteoric growth.
The new Sundog meme coin continued its strong surge as investors continued flocking to Justin Sun’s SunPump ecosystem.
Sundog token price soars
On August 26th, the price of Sundog reached an all-time peak of $0.3511, but later dipped slightly to $0.300. Despite this slight decrease, it’s still a staggering 3,335% above its lowest point on August 16th.
This gathering significantly boosted its total value to more than $310 million, placing it as the 16th largest meme coin in the market. It has surpassed prominent meme coins such as Memecoin (MEME), Ponke (PONKE), and Baby DogeCoin (BABYDOGE) in size.
Other meme coins within the SunPump system have experienced significant surges recently. Fwog (FWOG) is one such coin, which has climbed from a low of $0.0122 on August 20 to reach $0.061. This increase in value has resulted in a market capitalization exceeding $62 million for FWOG.
As a crypto investor, I’ve noticed an increase in activity within the Tron (TRX) ecosystem. The tokens are gaining more interest from investors, which is reflected in the soaring total value locked, now standing at over $826 million. Moreover, the 24-hour trading volume and fees have also witnessed a significant jump, reaching $237 million and $20 million respectively.
In recent developments, Tron has climbed up the ranks to be recognized as one of the top six players within the Decentralized Exchange (DEX) sector, with a significant surge of 454% in its weekly trading volume, reaching an impressive $1.47 billion.
As a researcher delving into the crypto sphere, I’ve observed an interesting trend: meme coins are contributing significantly to the Tron ecosystem. This is due to the fact that as trading volumes surge, the platform collects fees. For instance, within merely two weeks of its launch, the SunPump network has amassed approximately $20 million in fees. On the other hand, Pump.fun, a token generator on Solana’s (SOL) network, has garnered nearly $100 million over the past eight months.
Most meme coins pump then dump
The surge in Sundog’s rally is additionally being driven by a change in crypto investors’ perspective following Federal Reserve Chair Jerome Powell’s suggestion that rate cuts could be implemented during their September meeting. Consequently, Bitcoin (BTC) reached a high of $64,000, and the combined market value of all cryptocurrencies soared to an impressive $2.25 trillion.
Still, there is a risk that the surge in Sundog and other Tron meme coins may be short-lived. For example, Dogwifhat (WIF) token soared by over 2,000% between February and March and has now erased most of its gains.
As the excitement among traders wanes and those who bought early begin to cash out, a trend arises where many traders are left with the assets they initially purchased.
Read More
Sorry. No data so far.
2024-08-26 16:02