Published on augustus 26, 2024, 12:40 am
Image source: Fox News
```json [ { "TLDR": "An anonymous trader on the Tron network turned $1,000 into over $750,000 by investing in SunWukong memecoin sparked by Justin Sun's profile picture change. The token's value surged from $3,000 to $17 million in 12 hours but has since dropped by 58%. Despite this, the trader holds onto their $329,000 worth of holdings. Similar attention has been drawn to Sun Pump, another Tron memecoin project inspired by Justin Sun." } ] ```
An anonymous trader on the Tron network experienced a significant surge in wealth after turning a modest $1,000 investment into over $750,000 by trading a new Tron-based memecoin named SunWukong (SUNWUKONG). This unprecedented success story unfolded when the trader acquired 43.8 million SunWukong tokens for an initial price of $997.
The catalyst behind this astronomical rise was Tron founder Justin Sun’s decision to change his profile picture to an image of Sun Wukong, a character from the popular Chinese folklore-inspired video game Black Myth: Wukong. This move generated immense interest and hype around the SunWukong memecoin, leading to a staggering surge in its value. According to DexScreener data, the token skyrocketed from approximately $3,000 to an astonishing high of $17 million in less than 12 hours, representing a mind-blowing gain of over 566,500%.
Despite the astounding peak value of $750,000 during the rally, the memecoin’s price has since receded by 58% from its all-time high. Presently, the token holds a market capitalization of $7.4 million. However, it’s essential to note that these gains exist largely on paper at this moment.
Remarkably, the trader who orchestrated this remarkable feat has chosen not to sell any of their SunWukong holdings as evidenced by data from Tronscan. Even at present valuation estimates suggest their holdings are valued at around $329,000 – illustrating confidence in the potential future growth of this memecoin.
In another vein within the Tron ecosystem, attention has also been drawn towards Sun Pump – a Tron-based memecoin deployer inspired by Justin Sun himself. Since its inception on August 10th, Sun Pump has swiftly garnered over $1 million in revenue within just 12 days.
While memes have certainly captured attention and soared in popularity within cryptocurrency circles recently with such stories as those involving Solana memecoin activities, debates continue regarding their validity and impact on crypto values. Some enthusiasts champion these speculative assets as innovative expressions while critics decry them as detracting from crypto’s foundational principles.
In conclusion, tales like that of the anonymous trader who saw unbelievable returns from investing early in SunWukong underscore both the allure and risks associated with meme coins within the volatile cryptocurrency landscape.
Original article posted by Fox News
