Disclaimer: The opinions expressed by our authors are their own and do not reflect the views of U.Today. The financial and market information provided on U.Today is for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial professionals before making any investment decisions. We believe all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tron Network has made a major move into the meme coin scene and has performed well so far. According to data insights from crypto analytics firm Lookonchain, some traders are already making a lot of money trading Tron-based meme coins.
Growth spurt for Tron meme coin
Based on Tron Scan trades, some traders have made 100x profits trading these memes on the protocol. Trader “TEP7…T1da” spent 5,000 TRX, worth $650, to buy 6.87 million SUNDOG beforehand. After about seven hours, the trader sold 4.57 million of these tokens for 522,840 TRX, a sum equivalent to $68,000.
Related
This single trade brings a profit of 517,840 TRX worth more than $67,300, a gain of 104x. This kind of growth is not uncommon in the world of meme coins and was seen in the early days of Shiba Inu and PEPE. This Tron whale held back some of the funds for later sale.
Currently, the whale holds a total of 2.29 million SUNDOG, worth about $76,000 in unrealized profit. This trade is likely to attract massive meme coin farmers to the Tron network and potentially trigger unprecedented FOMO – the fear of missing out on the tokens.
L1 Competition
Tron was left out for a long time while protocols like Ethereum and Solana thrived. That changed when Justin Sun decided to try his hand at niches other than stablecoins and payments.
Related
Tron is already beating Ethereum in crucial areas, such as the number of transactions recorded on-chain. If this continues, the meme coin’s traction will be comparable to that of Solana. While some of these assets are still gaining traction, investors are eager to see which Tron meme coin will cross the $10 million mark in the near term.
In the longer term, many hope that they can achieve the Shiba Inu and BONK equivalent in the Tron protocol.
