One trader on the TRON network, TAMrp, turned an investment of $1,200 in TRON BULL memecoin into $10 million. According to Arkham Intelligence data, the trader acquired $780 TRON BULL on Sunpump and bought an additional $390 worth of the tokens when it was listed on Sunswap.
The meteoric increase in the value of the trader’s investment highlights the current memecoin mania on TRON. The Justin Sun-backed network has become the latest blockchain to ride the memecoin hype, joining others such as Solana, Base, and TON.
Trader BULL holdings are now down to $4 million
TRON BULL is one of the new memecoins on the TRON network. Although it has only been around for a few days, the token has seen its value skyrocket significantly, rising by almost 4 million percent in 24 hours. CoinGecko data shows it was trading at $0.00000327 on August 29 but soared as high as $0.1635 on the same day.
The token is now down 20% from its all-time high on CoinGecko, falling to $0.121. Despite the decline, TAMrp’s investment of 33.062 million BULL is still worth $4.31 million. The address has yet to offload any of its holdings, leading to speculations as to when it will sell.
However, many people in the crypto community believe that the address belongs to an insider who will likely dump on retail traders soon. This might also be tricky for the trader, as they are the biggest token holders. Any sale could trigger a free fall, given that the total liquidity for the token is just $1.4 million.
Meanwhile, other traders are already taking profits. DEX Screener data shows that some top traders have made profits as high as $500,000 on the token. However, some have also seen major losses, with one trader losing $302,000 after buying for $382,700 and selling for $80,000.
TRX leapfrogs TON in the top crypto-list
The arrival of memecoins on TRON has positively impacted its network activity. The network, which has been relatively quiet for years, has sprung to life as traders gamble on memecoins hoping to hit a goldmine. TRON-based memecoin deployer Sunpump has issued almost 65,000 memecoins since its creation, generating 25.9 million TRX ($4.17 million in revenue).
Meanwhile, the volume of decentralized exchanges (DEX) transactions on TRON has seen the biggest percentage increase among the top ten networks by DEX activity in the past week. It is up 73.45%, reaching $180.49 million. Although this pales compared to the $749 million on Solana and $1.1 billion on Ethereum, its growth has led to bullishness among TRX investors.
Unsurprisingly, the TRON token TRX is now ranked 9th among the top ten cryptocurrencies by market cap. This is mostly due to the token’s stable price performance compared to The Open Network’s TON, which has fallen 18% over the last seven days.
Still, there are more milestones ahead for the TRON memecoin ecosystem. It is still chasing its first billion market cap memecoin. Whether TRON BULL would be the token to reach that milestone remains to be seen.
Source: https://www.cryptopolitan.com/tron-memecoin-frenzy-reaps-gain/