The recently launched Tron-based SUNDOG (SUNDOG) has started attracting big whales, resulting in a significant price rally. Following the opening bell of the U.S. stock market a crypto whale withdrew a significant 13.07 million TRX tokens, worth $2 million from Binance and purchased a massive 3.52 million SUNDOGE meme coin in a single transaction, as reported by the on-chain analytic firm Lookonchain.
SUNDOG Price Skyrockets Following Whale $2M Investment
Following this notable investment, the meme coin’s price soared by 27%, from $0.305 to $0.373. At press time, SUNDOG is trading near the $0.362 level and has experienced a price surge of over 20% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 60% during the same period, indicating higher participation from traders and investors as whale interest in this meme coin grows.
With its impressive performance, SUNDOG’s market cap has increased to $360 million. With continued investment from whales and other investors, it could easily reach a market cap of $1 billion. Additionally, it has become Tron’s biggest flagship meme coin in terms of market capitalization.
SUNDOG’s Bullish On-chain Metrics
On-chain metrics suggest that interest in SUNDOG from investors and traders has skyrocketed. According to the on-chain analytic firm Coinglass, its open interest has increased by 50% in the last 24 hours and 15.6% in the last four hours. Additionally, its open interest has been gradually increasing since its launch, indicating a bullish signal.
As of now, SUNDOGE is available on major cryptocurrency exchanges, including Bybit, KuCoin, MEXC, HTX, and Gate.io. Whereas, Philippines-based Coins.ph also listed the meme coin.
Besides the whale’s recent investment, earlier on August 19, 2024, a crypto whale had invested a massive $450,000 into SUNDOGE. This highlights the potential of SUNDOGE in the coming days.
Source: https://coinpedia.org/news/big-bet-on-sundog-whale-invests-2-million-price-rally-coming/