The recently launched Tron-based cryptocurrency, SUNDOG (SUNDOG), has garnered considerable attention from major investors, commonly known as whales, leading to a notable price rally. This surge in interest was marked by a significant transaction following the opening bell of the U.S. stock market when a crypto whale withdrew a substantial 13.07 million TRX tokens, valued at $2 million, from Binance to acquire a massive 3.52 million SUNDOGE meme coins in a single transaction, according to on-chain analytics firm Lookonchain.
SUNDOG Price Skyrockets Following Whale $2M Investment
Following this remarkable investment, the price of the SUNDOGE meme coin soared by an impressive 27%, climbing from $0.305 to $0.373. At the time of writing, SUNDOG is trading near the $0.362 mark and has experienced a price increase of over 20% in the last 24 hours. Concurrently, its trading volume has surged by 60%, indicating heightened participation from traders and investors as whale interest in this meme coin escalates.
With its stellar performance, SUNDOG’s market capitalization has risen to $360 million. Should this trend continue, with sustained investments from whales and other investors, it has the potential to reach a market cap of $1 billion. This growth has positioned SUNDOG as Tron’s leading flagship meme coin in terms of market capitalization.
SUNDOG’s Bullish On-chain Metrics
On-chain metrics highlight the increasing interest in SUNDOG from both investors and traders. According to the on-chain analytic firm Coinglass, the open interest in SUNDOG has surged by 50% in the last 24 hours and 15.6% in the last four hours alone. This gradual increase in open interest since its launch signals a bullish trend.
Currently, SUNDOGE is listed on major cryptocurrency exchanges, including Bybit, KuCoin, MEXC, HTX, and Gate.io. Additionally, the Philippines-based exchange Coins.ph has also listed the meme coin. Apart from the recent whale investment, on August 19, 2024, another crypto whale invested a substantial $450,000 into SUNDOGE, underscoring its potential in the forthcoming days.
