Tron founder and CEO Justin Sun is helping to pump a new cryptocurrency called Sundog ($SUNDOG), a project that aims to be the number one meme coin on the TRON network.
In the last 24 hours, Sundog pumped 15% to hit its current price of $0.3425.
This gives it a staggering 7-day price appreciation of 57.5% and a market cap of just over a third of a billion, not bad for a cryptocurrency that hasn’t even been in circulation for a full month.
That means Sundog is now the thirteenth biggest meme coin by market capitalization and the biggest meme coin on TRON.
— H.E. Justin Sun
(hiring) (@justinsuntron) September 12, 2024
By comparison, various market-leading meme coins lagged behind this week. The $15.5 billion cap sector leader and original meme coin Dogecoin ($DOGE) rose 4% on the day and 9% on the week to land at $0.1062.
The number 2 dog coin, Ethereum’s Shiba Inu ($SHIB) added 2.2% overnight and 3.3% over the week to trade at $0.00001366.
Finally Pepe ($PEPE), the largest non-doge meme coin, rose 1.8% overnight and 5.3% in seven days to trade at $0.0000074579.
Tron’s native $TRX token is not faring as well. $TRX is down 2% overnight but up by 1% from its price this time last week as it changes hands at $0.1511 at the time of writing.
Justin Sun Pumps Sundog: Price Analysis
Sundog’s bid to become a market-leading TRON meme coin has been bolstered by the immensely successful release last month of TRON’s new meme coin launchpad Sunpump.
Within a week, it was outperforming Solana’s Pump.fun for most meme coins launched in a day, assisted by a steady stream of tweets by Justin Sun.
https://t.co/F2C0OsNHhj
— H.E. Justin Sun
According to its price chart, Sundog’s resistance levels (red line) have been steadily rising over the last month from $0.27 to around $0.37.
Within about a week of launch, Sundog found support at around $0.20 (green line).
Heading into the weekend, Sundog has a stable and healthy relative strength index of 51 and falling, which means the pump has plenty of headroom to continue but a spot of profit-taking may slow the upward price momentum by the start of next week.
TRON Coins And Meme Casinos: What’s Next For The Sector?
Like Solana, TRON is trying to get the edge over Ethereum by cultivating a thriving meme coin community.
However, meme coins are the most speculative and volatile part of what is already a highly speculative and volatile industry. Those who believe meme coin culture has a place in post-adoption crypto would do well to support some of the new protocols adding longevity to the sector.
One such protocol, Memebet, is the first online casino where players use meme coins. The presale launched this week and the project’s native $MEMEBET token received over $200,000 in investments in just two days.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years, Memebet could even be a household name.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and casino bonuses.
The project has just launched a 400 million $MEMEBET airdrop. To join it, simply buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
All told, $MEMEBET is potentially more rewarding than Justin Sun’s Sundog.
Stay updated on the latest Memebet news and developments on X and Telegram.
Visit Memebet Casino
The post Billionaire Justin Sun Faces a 15% SUNDOG Pump – Buying Opportunity or a Red Flag? appeared first on Cryptonews.
