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A recent report from Arkham Intelligence sheds light on an impressive trading feat involving the SUNDOG memecoin on the Tron blockchain.
A trader turned a modest investment of $1,690 into a staggering $20 million in just six days. The trader’s moves over several days allowed them to capitalize on the significant rise in the value of SUNDOG, further sparking discussions about memecoin gains on the Tron network.
The trader holds 17.049 million SUNDOG tokens, priced at $0.27 per token, which translates to their total portfolio value.
This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days
TT4S5 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
Initial Investment and Token Acquisition
The trader’s journey began with the purchase of 104.33 million SUNDOG tokens for $1,690. This acquisition took place when SUNDOG’s value was still relatively low, offering the trader a strong position for potential gains as the token’s price increased rapidly.
It is important to note that SUNDOG has surged by over 50% in the past 24 hours to trade above $0.2 during this press.
The massive potential for profit became apparent when the trader executed well-timed transfers of their holdings across exchanges, moving substantial portions of SUNDOG tokens.
Exchange Activity
In the following days, the trader conducted several high-value transfers to prominent exchanges, including MEXC and HTX. Notably, 7 million SUNDOG valued at $415,550 were deposited into MEXC, while another 10 million SUNDOG valued at $593,640 were sent to HTX.
These transfers suggest a calculated approach, possibly to liquidate portions of their holdings, taking advantage of the token’s price surge to realize gains. Smaller transfers, such as 500,000 SUNDOG valued at $27,660, followed.
Additional Memecoin Success
The remarkable gains around SUNDOG did not start there, as another memecoin trader achieved a 100x return on the Tron-based token despite bearish market sentiment on August 16. The trader purchased 6.87 million SUNDOG tokens for 5,000 TRX ($650) and later sold a portion of their holdings for $68,000 in just seven hours.
As SUNDOG’s price continued to rise, the user held onto the remaining tokens, enjoying unrealized gains worth $76,000.
Following SUNDOG’s impressive performance and the recent slowdown in activity from Solana-based memecoins, traders may now shift their focus towards Tron-based memecoins.
At the same time, DeFi protocol Sun.io has introduced SunPump, a new platform designed to help users easily create and launch memecoins on the Tron network. This development could further fuel interest in Tron as a growing hub for memecoin trading and development.