Justin Sun-affiliated Sundog (SUNDOG) memecoin has made waves in the crypto market after it skyrocketed over 100x in the last 24 hours. Launched on August 15, the Tron ecosystem token has caught the attention of investors as they flood millions of dollars into the asset. Notably, the rally comes amid a global market downturn that has seen about 2.15% in value removed from the total crypto market cap.
Sundog Breaks into the Crypto Market
Following its launch, the coin broke into the cryptocurrency space, swiftly jumping from a $2 million market valuation to over $200 million in a few days. This explosion is fueled by the SunPump platform, which rivals Solana’s meme environment. After Justin Sun’s announcement of SunPump, SUNDOG gained popularity among crypto memecoin traders. SumPump appears to have collected a sizable portion of the pump.fun’s market share since its inception. Pump.fun is a similar token generator based on the Solana blockchain.
SunPump, the first memecoin platform on the Tron ecosystem, recorded a notable 10,000 users last week, signifying the growing interest of both traders and developers on the blockchain.
According to a post on X (formerly Twitter), whales have already pumped six figures in the memecoin, indicating that Sundog has already experienced a tremendous boom in acceptance. Sundog is expected to become the first meme coin on Tron to achieve a $1 billion market capitalization, according to several X users’ predictions.
Moreover, the remarkable ascent of the memecoin has prompted comparison with dogwifhat (WIF). Social media research indicates that many users in the crypto community on X express the belief that the meme currency can repeat WIF’s ascent to a billion-dollar market capitalization in no time.
To make that happen, the Tron flagship memecoin may need to absorb part of the liquidity enjoyed by Solana memecoins. Some SUNDOG holders, nevertheless, think it’s not impossible.
The SUNDOG meme token is currently available on several well-known exchanges, including Hitbit, Bitget, MEXC, and HTX (Sun-advised). Notably, HTX has the highest trading volume, about $26.9 million) followed by MEXC, $20.46 million.
SUNDOG Price Movement
Meanwhile, the coin has shed some of the gains it accrued over the last day. According to data from CoinMarketCap, SUNDOG is traded at $0.2367, representing a 41.95% increase at the time of writing. Additionally, its market cap surged by over 41% to reach $236.1 million.
Also, the trading volume over the last day experienced similar rising patterns, spiking by 6.14% signifying increasing investing and trading activities. While the coin is still new to the market, the attention it has garnered within a short time underscores the strong influence top market figures have over cryptocurrencies.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.