Tron Network has made an important pivot into the meme coin scene, and thus far, its performance has been good. According to data insights from crypto analytics firm Lookonchain, some traders are already making a lot of money trading Tron-based meme coins.
Tron meme coin growth push
Based on Tron Scan trades, some traders have made 100x gains trading these memes on the protocol. Trader “TEP7…T1da” spent 5,000 TRX worth $650 to buy 6.87 million SUNDOG earlier. After about seven hours, the trader sold 4.57 million of these tokens for 522,840TRX, a sum that is equivalent to $68,000.
This single trade comes with a 517,840 TRX gain worth more than $67,300, a gain of 104x. This kind of growth is not uncommon in the meme coin world and was recorded in the early days of Shiba Inu and PEPE. This Tron whale held back some of the funds for sale later.
We noticed that some traders have made 100x gains trading #MEMEcoins on the #TronNetwork!
Trader”TEP7…T1da” spent 5,000 $TRX($650) to buy 6.87M $SUNDOG and sold 4.57M for 522,840 $TRX($68K), making 517,840 $TRX($67.3K) in just 7 hours, a 104x return!
He still holds 2.29M… pic.twitter.com/6kREFmtTCv
— Lookonchain (@lookonchain) August 16, 2024
Currently, the whale holds a total of 2.29 million SUNDOG worth approximately $76,000 in unrealized profit. This trade will likely usher massive meme coin farmers into the Tron network, potentially sparking a never-before-seen FOMO – Fear of Missing Out on the tokens.
L1 competition
For the longest time, Tron has remained on the sidelines, while protocols like Ethereum and Solana thrive. Things changed when Justin Sun decided to dabble in other niches beyond stablecoins and payments.
Already, Tron is beating Ethereum in crucial areas, such as the number of transactions recorded on-chain. If sustained, the traction on the meme coin is comparable to that of Solana. While some of these assets are still gaining traction, investors are keen to see which Tron meme coin will cross the $10 million mark in the short term.
In the longer term, many hope they can catch the Shiba Inu and BONK equivalent on the Tron protocol.
