An anonymous trader on the Tron network transformed an initial investment of $1,000 into over $750,000 by trading a newly launched Tron-based memecoin called SunWukong (SUNWUKONG).
On August 21, blockchain data platform Arkham Intelligence revealed that the trader had purchased 43.8 million SunWukong tokens for just $997.
The value of SunWukong surged dramatically after Tron founder Justin Sun changed his profile picture on X to Sun Wukong, a character from the newly released Chinese folklore-based video game Black Myth: Wukong.
The game, which launched on August 20, became an instant hit, with over 2.2 million concurrent users on the gaming platform Steam within its first 24 hours, making it one of the most successful single-player game launches in Steam’s history.
According to DexScreener data, the SunWukong token skyrocketed from around $3,000 to a peak of $17 million, marking a gain of over 566,500% in less than 12 hours.
During this rally, the trader’s memecoin holdings soared from $1,000 to as much as $750,000. However, the token’s price has since dropped 58% from it’s all-time high, and at the time of publication, its market capitalization stands at $7.4 million.
The value of SunWukong surged following Sun’s profile picture change
Despite these impressive gains, the trader has yet to cash out, with Tronscan data showing that they have not sold any of their SunWukong tokens. As of the latest update, their holdings are valued at approximately $329,000.
Read more: Tron’s New Memecoin Deployer Surpasses Pump.fun
This trade occurred amid the rapid growth of the Tron-based memecoin deployer SunPump, which was launched on August 10 and has already generated over $1 million in revenue within its first 12 days.
SunPump is a similar product to the popular Solana-based memecoin deployer Pump.fun, which has driven a surge in memecoin activity on the Solana network and has generated $95 million in revenue since its launch in January.
While the rise of memecoin trading has been embraced by some, others have criticized these speculative assets, arguing that they are “extractive” and undermine the core principles of cryptocurrency.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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