We recently witnessed the immense popularity of memecoins on the Solana (SOL) network. Now, the memecoin wave on Solana seems to have calmed down a bit.
However, this time memecoins have started to be launched on the Tron (TRX) network and it looks like we will be talking about memecoins on this network in the coming days.
However, it should be noted that almost all memecoins are tokens with no intrinsic value and no use. During the popularity surge on the Solana network, only 0.001% of memecoins remained profitable.
The beginning of the memecoin craze on the Tron network was triggered by the founder of the altcoin, Justin Sun, who set up a memecoin token generation platform. Similar to pumpfun on the Solana network, Sun launched a memecoin generator called SunPump.
Onchain data shows that a trader has made an extraordinary profit by chance on memecoins on the Tron network. According to the data, the whale with the address TEP7…T1da spent 5,000 TRX, equivalent to approximately $650, to buy 6.87 million memecoins called SUNDOG. After 7 hours, he sold them for 522,840 TRX, or $68,000. Although the trader’s total profit is small in terms of amount, it is surprising when you consider that he increased his principal by 104 times. However, the same trader still holds 2.29 million SUNDOGs, and the total unrealized profit is around $76,000.
*This is not investment advice.