Outside Source
The new Sundog meme coin continued its strong surge as investors continued flocking to Justin Sun’s SunPump ecosystem.
Sundog token price soars
Sundog (SUNDOG) rose to a record high of $0.3511 on Monday, Aug. 26, before paring back some of those gains to $0.300. It remains 3,335% higher than its lowest point on Friday, Aug. 16.
This rally has pushed its market cap to over $310 million, making it the 16th biggest meme coin in the industry. It has flipped other top meme coins like Memecoin (MEME), Ponke (PONKE), and Baby DogeCoin (BABYDOGE).
Other meme coins in the SunPump ecosystem have also jumped sharply in the past few days. Fwog (FWOG) has risen from a low of $0.0122 on Aug. 20 to $0.061, giving it a market cap of over $62 million.
Additional data shows that Tron’s (TRX) ecosystem has seen a surge in activity as these tokens have continued gaining traction among investors. Sun’s total value locked rose to over $826 million, while the 24-hour volume and fees climbed to $237 million and $20 million, respectively.
Tron has also become the sixth-biggest player in the DEX industry as its weekly volume rose by 454% to $1.47 billion.
These meme coins are benefiting the Tron ecosystem as it collects fees while trading volumes increase. The SunPump network has collected almost $20 million in fees less than two weeks after its launch. In contrast, Pump.fun, Solana’s (SOL) token generator, has made almost $100 million in the last eight months.
Most meme coins pump then dump
Sundog’s rally is also being fueled by a shift in sentiment among crypto investors after Federal Reserve Chair Jerome Powell hinted that the bank might start cutting interest rates in its September meeting. Bitcoin (BTC) rose to $64,000, while the total market cap of all cryptocurrencies jumped to $2.25 trillion.
Still, there is a risk that the surge in Sundog and other Tron meme coins may be short-lived. For example, Dogwifhat (WIF) token soared by over 2,000% between February and March and has now erased most of its gains.
This pattern occurs as the initial hype among traders fades and as early buyers start taking profits, leaving most traders holding the bag.
This article first appeared at crypto.news
