Key Takeaways:
- An anonymous Tron trader turned a $1,000 investment into $750,000 by trading the newly launched memecoin SunWukong (SUNWUKONG).
- The token’s massive surge was driven by Justin Sun updating his profile picture to Sun Wukong, pushing its value up by over 566,500% within 12 hours.
- Despite the initial gain, the token’s value dropped 58%, and the trader’s holdings are now worth about $329,000.
An anonymous trader on the Tron network transformed a $1,000 investment into $750,000 by trading SunWukong (SUNWUKONG), a newly launched Tron-based memecoin.
This significant gain was fueled by Tron founder Justin Sun updating his profile picture to Sun Wukong, a character from the game Black Myth: Wukong, which quickly became a sensation on its August 20 release.
Congratulations to trader TDm2 for turning $1K into $400K on SUNWUKONG
— Arkham (@ArkhamIntel) August 21, 2024
TDm2 bought $999.9 of SUNWUKONG before it exited @sunpumpmeme’s bonding curve 2 days ago.
After Justin Sun changed his profile picture to Sun Wukong, TDm2’s tokens are now worth $403,187 – a >400x gain.… pic.twitter.com/DYyMAFfjcR
The trader initially bought 43.8 million SunWukong tokens, which surged in value by over 566,500% within 12 hours, peaking at $17 million in market capitalization.
Despite this, the trader has not cashed out, and the token’s price has since dropped 58%, reducing their holdings’ value to around $329,000.
The rise of SunWukong mirrors the success of another Tron-based memecoin deployer, Sun Pump, raising concerns about the speculative nature of these assets in the crypto space.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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