Tron Blockchain’s memecoin, SUNDOG rose above $0.37 in the early hours of September 13, and has now fallen back to $0.34, with a 24-hour increase of over 11%, at the time of writing. It has also recorded a 24 hr trading volume of over $200 Million.
Notably, SUNDOG broke through $1 for some time on the Tron chain early this morning and then quickly fell back, with its market value once reaching $1 billion.
According to Coinmarketcap data, SUNDOG’s 24-hour spot trading volume also exceeded US$230 million at one point before going back to nearly $207 Million, at the time of writing.
Look on chain posted on X about a whale withdrawing 13.07M $TRX($2M) from Binance and buying 3.52M $SUNDOG in one transaction, late night yesterday. This probably triggered a spike in the SUNDOG market, with many users left wondering if the transaction was made by a real buyer or market maker or Justin Sun himself.
$SUNDOG just had a $2M degen buy and the chart looks like this.
Last time I remember something like this happening on a major meme was before $WIF started to really send out of its base range. Wouldn’t be surprised if Justin sends this to $1B+ to bring more attention to TRX for… pic.twitter.com/zIdGvfipXv
— K A L E O (@CryptoKaleo) September 12, 2024
SUNDOG’s quick popularity can also be attributed to it providing features like trading bots, like SUNBOT, which is built to trade TRON meme coins on Telegram.
Another factor behind its surge is Sun’s allocation of $10 million to its platform through the Meme Ecosystem Boost Incentive Program which gives it a good reputation within the developer community.
Also Read: Grayscale Launches First Ripple Trust Fund in US; XRP Price Surges 8%
