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