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An unknown entity has printed incredible gains with a recently launched memecoin on the TRON network.
Blockchain “de-anonymizing” platform Arkham says that one of the earliest investors of dog-themed altcoin SUNDOG made roughly 1,183,331% in just six days on a $1,690 investment.
“This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days
TT4S5 was one of the earliest SUNDOG buyers & purchased 104.33 million tokens for $1.69K.
They currently hold $19.52 million of SUNDOG across 7 addresses, and also sent $1.08 million SUNDOG to exchanges – for a total profit of $20.60 million.”
SUNDOG, launched earlier this month, is trading at $0.2237 at a market cap of $223 million.
The altcoin was launched on Sunpump, a platform for memecoin launch & trading, stake-mining, and self-governance on TRON backed by the chain’s founder, Justin Sun.
According to analytics platform Dune, Sunpump has already done more than $10 million in revenue since launch, with 23,000 different coins already deployed.
Due to the success of Sunpump, the TRON blockchain topped all other chains in terms of 24-hour volume on Tuesday, and the memecoin deployer briefly halted operations before being restored.
Sun also said that the TRON chain may increase its energy limit to accommodate for the rise in activity.
“Due to the recent TRON network activity surge, an energy shortage arose. I informed the Super Representatives, who responded positively. They are expected to propose raising the energy limit today, significantly reducing energy cost and fees.”
TRX is trading at $0.168 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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