Sundog (SUNDOG), a meme coin constructed on the Tron blockchain, has actually taken the crypto market by surprise. Its market cap has actually increased from $2 million a couple of days ago to $200 million today.
Sustained by big financial investments and singing assistance from Tron’s creator Justin Sun, the meme coin appeal continues to eclipse those introduced on Solana.
Sun Takes the Front Row in Leading Tron Meme Coin Mania
SUNDOG ended up being a popular name amongst crypto meme coin traders after Justin Sun revealed the launch of SunPump. Because its launch, SumPump appears to have actually taken a noteworthy part of pump.fun’s market share, a comparable token generator constructed on Solana.
Throughout the platform launch’s early phases, there were worries that the buzz would blow over rapidly. This has actually not been the case, as it appears that SUNDOG might end up being the very first billion-dollar Tron meme coin, as the billionaire blockchain creator forecasted.
According to CoinGecko, SUNDOG’s cost is $0.20, representing a 131% boost over the last 24 hours. Simply a couple of days earlier, this exact same worth was $0.0020, suggesting that it has actually increased by 100x within an extremely brief time.
Sundog 24-Hour Price Performance. Source: CoinGecko
The meme coin’s unbelievable increase has actually drawn contrasts to dogwifhat (WIF). According to BeInCrypto’s findings, a lots of discuss X think that the meme coin can reproduce WIF’s go to a billion-dollar market cap.
For that to take place, a few of the liquidity that Solana meme coins delighted in may need to relocate to the Tron flagship meme coin. Some SUNDOG holders think that it is not difficult.
“The speculation that surpassing Tron would do a better task than Avax at absorbing liquidity has actually aged completely. TRX printed another HH, and belief hasn’t been much better this year,” pseudonymous trader ANBESSA composed on X.
Find out more: 7 Best Tron Wallets for Storing TRX
Meme Coins Launched on Tron. Source: Dune
Sundog’s remarkable efficiency has actually sustained a rise in the number of tokens released on SunPump. On August 18, there were less than 6,000 meme coins on Tron. According to Dune Analytics, that number has actually given that leapt to 13,815.
If the boost continues, more liquidity may stream from Solana’s pump.fun to SunPump. This could, in turn, set off an increase in need for TRX and SUNDOG.
SUNDOG Price Prediction: Meme Coin Becomes Overbought
The one-hour chart listed below programs that SUNDOG’s cost has actually drawn back from its peak of $0.22. This decrease might be credited to the signal that the Tron meme coin was overbought.
The Bollinger Bands (BB), which procedure volatility, tapped the token’s rate at $0.21. Generally, when the upper band touches a cryptocurrency’s rate, it indicates overbought conditions. Alternatively, when the lower band is struck, it recommends the possession is oversold.
In the middle of this increased volatility, the meme coin experienced a retracement. The Relative Strength Index (RSI) more assistances this outlook.