Fun

Trader turns $1K into $750K trading Tron memecoin SunWukong

News Feed - 2024-08-22 12:08:49

Tom Mitchelhill5 hours agoTrader turns $1K into $750K trading Tron memecoin SunWukongThe anonymous trader’s Sun Wukong holdings surged to $750,000 at its peak, but he hasn’t sold a single token yet. 2079 Total views16 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAn anonymous trader on the Tron network turned an initial bid of $1,000 into over $750,000, trading a new Tron-based memecoin called SunWukong (SUNWUKONG). 


In an Aug. 21 X post, blockchain data platform Arkham Intelligence shared that the trader purchased 43.8 million SunWukong tokens for an initial price of $997. 


The value of the SunWukong memecoin ballooned following a move from Tron founder Justin Sun to change his profile picture on X to an image of Sun Wukong — a character from a newly released Chinese folklore-based video game Black Myth: Wukong. 


The game was launched on Aug. 20 and also notched records, topping over 2.2 million concurrent users on the gaming platform Steam within its first 24 hours, cementing it as one of the most popular single-player game launches in the platform’s history.


According to DexScreener data, the token surged from around $3,000 to as high as $17 million, a gain of over 566,500% in less than 12 hours. 


The trader’s memecoin holdings went from being worth $1,000 to as much as $750,000 at their peak during the rally. The value of SunWukong surged following Sun’s profile picture change. Source: DexScreener


The meme coin’s price has since slid 58% from its all-time high, and at the time of publication, the token commands a market capitalization of $7.4 million. 


But it’s all still paper gains for now.


Tronscan data shows the trader hasn’t sold even a single SunWukong token. At the time of publication, their current holdings were worth around $329,000.The trader hasn’t sold any of their SunWukong holdings. Source: TronScan


The trade comes amid outsized growth in Tron-based memecoin deployer Sun Pump, which draws its namesake from Sun. 


Related:Solana memecoin protocol teases new ‘short squeeze’ platform


In the 12 days following its launch on Aug. 10, Sun Pump has already topped $1 million in revenue. 


Sun Pump is an imitation product of the popular Solana-based memecoin deployer Pump.fun, which has given rise to a surge in memecoin activity on the Solana network and has generated $95 million in revenue since its launch in January.


While the rise of memecoin trading has been celebrated by its advocates, others have lashed the speculative assets for being “extractive” and claim they’ve destroyed the true principles of crypto. 


Magazine:Memecoins: Betrayal of crypto’s ideals… or its true purpose?# Blockchain# Altcoin# Tron# Justin Sun# Solana# MemecoinAdd reaction

News Feed

Bank of Ghana unveils draft rules for cryptocurrency exchanges
Arijit Sarkar1 hour agoBank of Ghana unveils draft rules for cryptocurrency exchangesThe Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.431 To
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company Global cryptocurrency exchange Binance has made re
Bitzlato Exchange Busted as US Deals ‘Blow to Crypto Crime,’ Arrests Owner
Bitzlato Exchange Busted as US Deals ‘Blow to Crypto Crime,’ Arrests Owner Cryptocurrency exchange Bitzlato, better known to the Russian-speaking segment of the market, has bee
British Court Orders Binance to Identify and Freeze Hackers’ Accounts After a User Claims Funds Stolen
British Court Orders Binance to Identify and Freeze Hackers" Accounts After a User Claims Funds Stolen A U.K. judge has reportedly ordered cryptocurrency exchang
Tristan Greene4 hours agoBlockchain Capital closes funds totaling $580M for investments in crypto gaming, DeFiThe funds include $380 million for early stage investments and a $200 million "opportunity fund."985
No Evidence ISIS Is Storing $300 Million in Bitcoin, Says Chainalysis
No Evidence ISIS Is Storing $300 Million in Bitcoin, Says ChainalysisBlockchain intelligence firm Chainalysis has dismissed claims ISIS is holding a $300 million bitcoin (BTC) war c
ZachXBT recovers majority of $177K stolen NFT proceeds after 9-month probe
Ciaran Lyons3 hours agoZachXBT recovers majority of $177K stolen NFT proceeds after 9-month probeBlockchain investigator ZachXBT revealed that after a "lengthy process" he has retrieved the majority of the proc
Dogecoin Large Transactions On The Rise — Can This Fuel DOGE Price Recovery?
Este artículo también está disponible en español. Dogecoin increased in value by more than 12% in the historically bearish month of September but has not quite been able
Chainlink aims to bolster cross-chain security via Transporter
Zoltan Vardai8 hours agoChainlink aims to bolster cross-chain security via TransporterChainlink aims to make cross-chain bridges, which account for nearly 50% of all value lost to DeFi exploits, more secure.515 Total vie
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies In September of 2020, the frontman for the rock band Kiss, Gene Si
Wirecard CEO Quits as Crypto Card Firm Reveals Missing $2.1 Billion Does Not Exist
Wirecard CEO Quits as Crypto Card Firm Reveals Missing $2.1 Billion Does Not ExistWirecard chief executive officer quit as the crypto card payments firm revealed that the €1.9
These Are the Crypto Economy’s 5 Most Expensive Assets per Unit
These Are the Crypto Economy"s 5 Most Expensive Assets per Unit On July 18, the most valuable cryptocurrency in terms of dollars per unit, is bitcoin which is cu