According to U.Today, Tron Network has recently ventured into the meme coin market, showing promising results. Data from crypto analytics firm Lookonchain reveals that some traders are already profiting significantly from trading Tron-based meme coins.
Based on Tron Scan trades, certain traders have achieved 100x gains by trading these meme coins on the protocol. For instance, a trader identified as “TEP7…T1da” invested 5,000 TRX, equivalent to $650, to purchase 6.87 million SUNDOG tokens. Within approximately seven hours, the trader sold 4.57 million of these tokens for 522,840 TRX, which is about $68,000. This transaction resulted in a profit of 517,840 TRX, or $67,300, marking a 104x return. The trader still holds 2.29 million SUNDOG tokens, valued at around $76,000 in unrealized profit.
This significant trade is expected to attract more meme coin enthusiasts to the Tron network, potentially leading to a surge in trading activity and a Fear of Missing Out (FOMO) among investors. Historically, such rapid growth has been observed in the early stages of other meme coins like Shiba Inu and PEPE.
Tron has traditionally been overshadowed by other protocols like Ethereum and Solana. However, recent strategic moves by Tron’s founder, Justin Sun, to explore niches beyond stablecoins and payments have started to pay off. Tron is now surpassing Ethereum in certain key metrics, such as the number of on-chain transactions. If this momentum continues, the traction of Tron-based meme coins could rival that of Solana.
Investors are closely monitoring which Tron meme coin will first reach the $10 million market cap. In the long term, there is anticipation that some of these assets might achieve popularity comparable to Shiba Inu and BONK on the Tron protocol.
