An anonymous trader earned $67,300 in seven hours on the meme token SUNDOG, increasing their deposit by 104 times. Analysts at Lookonchain highlighted this achievement.
We noticed that some traders have made 100x gains trading #MEMEcoins on the #TronNetwork!
Trader”TEP7…T1da” spent 5,000 $TRX($650) to buy 6.87M $SUNDOG and sold 4.57M for 522,840 $TRX($68K), making 517,840 $TRX($67.3K) in just 7 hours, a 104x return!
He still holds 2.29M… pic.twitter.com/6kREFmtTCv
— Lookonchain (@lookonchain) August 16, 2024
According to experts, the trader acquired 6.87 million SUNDOG for 5,000 TRX (~$650).
Seven hours later, the trader sold 4.57 million SUNDOG for 522,840 TRX (~$68,000).
The user’s wallet still holds 2.29 million SUNDOG.
Previously, an insider trader earned $5.6 million on DADDY, promoted by Andrew Tate. The former kickboxer launched the meme token as a rival to the MOTHER coin by singer Iggy Azalea.
In June, some users made millions from the listing of WaterCoin (WATER) on the Jupiter and Raydium exchanges. Immediately after trading began, the meme token surged by 83%, bringing $2.9 million to one trader.
Ethereum co-founder Vitalik Buterin has criticized celebrity experiments with meme coins, urging a focus on projects that benefit the public rather than enriching insiders.