Using the Tron network, an anonymous trader made almost $750,000 from a $1,000 starting bid on SunWukong, a brand-new Tron-based memecoin.x
Blockchain data platform Arkham Intelligence revealed in a report on August 21 to X that the trader had initially paid $997 for 43.8 million SUNWUKONG tokens.
After Tron founder Justin Sun changed his X profile photo to a picture of Sun Wukong, a character from the recently released Chinese folklore-based video game Black Myth: Wukong, the value of the SunWukong memecoin skyrocketed.
In addition to breaking its records, the game’s August 20 debut saw over 2.2 million concurrent players on the Steam platform on its first release day, making it one of the most well-liked single-player game launches in history.
The token rose from a value of about $3,000 to as high as $17 million, a rise of more than 566,500% in less than 12 hours, according to DexScreener data.
During the surge, the trader’s memecoin holdings increased in value from $1,000 to a maximum of $750,000.
Since then, the price of memecoin has dropped by 58% from its peak, and as of this writing, the cryptocurrency has a $7.4 million market valuation.
But for now, it’s all just paper gains.
The trader has yet to sell a single SunWukong coin, according to Tronscan statistics. This means that as of publishing, their holdings were valued at approximately $329,000.
The transaction occurs amid a system named SunPump, which deploys memecoins based on Tron.
After launching on August 10, the memecoin deployer based on Tron has generated over $1 million in revenue in just 12 days.
A copycat of the pump. Fun is a well-known memecoin deployer headquartered in Solana. It has significantly increased memecoin activity on the Solana network and has had an astounding $95 million in revenue since its introduction in January of this year. It is called SunPump.
While proponents of memecoin trading have praised its growth, some have criticized the speculative assets for being “extractive” and asserted that they had undermined the fundamental ideas of cryptocurrency.