An anonymous trader gained $750k from the value surge of a Tron memecoin, SunWukong. The trader saw his initial investment of $997 rise by over 75125.7%. The SunWukong token has endured a sharp decline, with its price down by nearly 60%.
According to a recent post from blockchain data platform Arkham Intelligence, the trader purchased 43.8 million SunWukong tokens for an initial price of almost $1000. The price dip of the SunWukong means the value of the trader’s token is now less than $330K.
SunWukong’s value rose when Sun changed his profile
The Chinese mythology game, developed by Chinese studio Game Science, was initially launched on Tuesday, August 20. Its reference to the classic novel, The Journey of the West, has had most Chinese audiences, and surprisingly, the rest of the world, take a liking to it.
Within a day of its launch, the game earned over 2.2 million concurrent players on Steam, beating CyperPunk and EldenRing. In its first few hours, Tron’s founder, Justin Sun, took a liking to the single-player title and altered his X profile picture of the character.
SunWukong’s success maintains SunPump’s growth
Justin Sun’s decision to represent the game on his X account had a much more significant impact, with SunWukong’s memecoin price spiking to an all-time high. According to DexScreener data, the token rose from around $3,000 to $17 million, a gain of over 566,500% in less than 12 hours.
Not too long, the memecoin’s price dipped by over 58% from its all-time high. The anonymous trader who had amassed $750K did not sell any of his SunWukong Tokens, and the drop in the meme coin’s value brought his cumulative holdings down to $329K.
Tron launched its memecoin deployer, SunPump, on August 10. Since then, the memecoin platform has brought in $1.1 million in revenue (8 million TRX).
Moreover, on August 20, SunPump earned nearly 2.78 million TRX, roughly $400K, in a day, with over 6,000 memecoins created, representing the memecoin platform’s biggest day in terms of earnings. The platform went down briefly due to the augmented traffic on the day. However, developers at Tron were able to restore the platform to normalcy an hour later.
Source: https://www.cryptopolitan.com/sunwukong-trader-gets-750k-before-58-drop/