By Anisha Pandey
Updated
3 min read
Justin Sun’s Sundog (SUNDOG) meme coin breaks into the crypto market, quickly reaching a $200M market cap. The SunPump platform fuels this surge, rivaling Solana’s meme ecosystem.
Justin Sun, the founder of the Tron (TRX) ecosystem, has entered the meme coin sector with the Sundog (SUNDOG) token, igniting the meme coin frenzy once again and rivaling Solana (SOL), the Ethereum scaling network that recently witnessed a massive growth in its meme coin ecosystem earlier this year.
Sun recently announced the debut of SunPump, the first meme coin platform on the Tron network, which more than 10,000 users had accessed last week alone. Notably, the platform is experiencing unprecedented traffic and even had to shut down before the services were restored fifteen minutes later, and the meme coin platform once again started working.
Amid numerous meme coins that have made their debut on SunPump, Sundog (SUNDOG), launched on August 15th, came to the top and has already a market capitalization of almost $200 million and is up 141.99% in the past 24 hours, currently trading at $0.2045. The trading volume of the meme token stands at $64 million, up 81% in the same duration, as per CoinMarketCap data. Other meme coins on the Tron blockchain have also experienced similar growth.
Sundog has already seen a massive surge in adoption, with whales dropping six figures in the meme coin, as pointed out in a post on social media platform X. Many X users have predicted that Sundog will be the first meme coin on Tron to reach the $1 billion market capitalization.
Since August 16th, Sundog has rallied from $0.059 to $0.20 and continues to aim higher. Some of the major exchanges that have listed the SUNDOG meme token include HTX (Sun-advised), MEXC, Hitbit, and Bitget. The highest trading volume for the meme coin is on HTX ($26.9 million) and MEXC ($20.46 million).
The circulating supply, total supply, and maximum supply of Sundog tokens all stand at 1 billion tokens, and the meme coin currently has 12,002 holders, as per Tronscan data. Sundog is the first major meme coin on SunPump, and the crypto community expects the altcoin to show performance similar to dogwifhat (WIF), a leading meme project on the Solana blockchain.
With the success of Sundog, Sun took to X to state that his meme coin platform on Tron, SunPump, will produce similar altcoins in the near future, with many tokens witnessing significant valuations. In an August 20 post, the crypto entrepreneur added:
“Today, I talked with several major meme community leaders about the meme ecosystem on Tron. They said they plan to bring millions of users to the Tron community and can’t wait to join the Tron ecosystem as soon as possible.”
Sun also said that the success of meme projects is not “by chance” but is in the hands of the developers working in the background. If the community witnesses a fair launch and developers work towards fostering “enthusiasm and loyalty,” meme projects like Sundog are eventually created and widely celebrated.
On the other hand, as a result of the growing interest in Tron’s meme coin ecosystem, the TRX token entered the top 10 cryptocurrencies by market cap, currently standing at the 10th position with a market cap of $13 billion, CoinMarketCap data shows.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
