An unknown entity has made incredible profits from a recently launched memecoin on the TRON network.
Blockchain “de-anonymizing” platform Arkham say that one of the early investors of dog-themed altcoin SUNDOG earned approximately 1,183,331% in just six days on a $1,690 investment.
“This trader turned $1.69K worth of SUNDOG into $20 MILLION in 6 days
TT4S5 was one of the first SUNDOG buyers, purchasing 104.33 million tokens for $1.69K.
They currently own $19.52 million worth of SUNDOG at seven addresses, and have also sent $1.08 million of SUNDOG to exchanges – for a total profit of $20.60 million.”
Launched earlier this month, SUNDOG trades at $0.2237 at a market cap of $223 million.
The altcoin was launched on Sunpump, a platform for launching and trading memecoins, stake mining and self-governance on TRON, backed by the chain’s founder, Justin Sun.
According to analytics platform DuneSunpump has generated over $10 million in revenue since launch, with 23,000 different coins staked.
Due to Sunpump’s success, the TRON blockchain topped all other chains in terms of 24-hour volume on Tuesday, and the memecoin implementer briefly halted operations before being reinstated.
Sun too said that the TRON chain can increase its energy limit to accommodate the increase in activity.
“As a result of the recent increase in activity on the TRON network, an energy shortage arose. I informed the Super Representatives, who responded positively. They are expected to propose today to increase the energy limit, which will significantly reduce energy costs and rates.”
TRX is trading at $0.168 at the time of writing.
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