Billionaire Justin Sun Encounters a 15% SUNDOG Surge – Investment Chance or Warning Sign?

Tron founder and CEO Justin Sun is actively promoting a new cryptocurrency known as Sundog ($SUNDOG), which aspires to become the leading meme coin on the TRON network.

In the past 24 hours, Sundog surged by 15%, reaching its current value of $0.3425.

This results in an impressive 7-day price increase of 57.5% and a market capitalization exceeding one-third of a billion, which is notable for a cryptocurrency that has not been in circulation for a complete month.

Consequently, Sundog is now ranked as the thirteenth largest meme coin by market capitalization and the top meme coin on TRON.

— H.E. Justin Sun(hiring) (@justinsuntron) September 12, 2024

In contrast, several leading meme coins have underperformed this week. The sector leader and original meme coin, Dogecoin ($DOGE), with a market cap of $15.5 billion, increased by 4% for the day and 9% for the week, settling at $0.1062.

The second-largest dog coin, Shiba Inu ($SHIB) from Ethereum, gained 2.2% overnight and 3.3% over the week, trading at $0.00001366.

Lastly, Pepe ($PEPE), the largest non-doge meme coin, saw a rise of 1.8% overnight and 5.3% over the past week, trading at $0.0000074579.

Tron’s native token, $TRX, is experiencing a more challenging time. $TRX has decreased by 2% overnight but has risen by 1% compared to its price from the previous week, currently trading at $0.1511 as of this writing.

Justin Sun Promotes Sundog: Price Analysis

Sundog’s ambition to establish itself as a leading TRON meme coin has been supported by the highly successful launch of TRON’s new meme coin launchpad, Sunpump, last month.

Within a week, it outperformed Solana’s Pump.fun in terms of the number of meme coins launched in a single day, aided by a consistent flow of tweets from Justin Sun.

https://t.co/F2C0OsNHhj

— H.E. Justin Sun(hiring) (@justinsuntron) August 13, 2024

Based on its price chart, Sundog’s resistance levels (indicated by the red line) have been consistently increasing over the past month from $0.27 to approximately $0.37.

About a week after its launch, Sundog established support at around $0.20 (green line).

Source: TradingView

As the weekend approaches, Sundog maintains a stable and healthy relative strength index of 51 and declining, indicating that the price increase has ample room to continue, although some profit-taking may temper the upward momentum by the start of next week.

TRON Coins And Meme Casinos: What’s Next For The Sector?

Similar to Solana, TRON is striving to gain an advantage over Ethereum by fostering a vibrant meme coin community.

Nonetheless, meme coins represent the most speculative and volatile segment of an already highly speculative and volatile industry. Supporters of meme coin culture in the post-adoption crypto landscape should consider backing new protocols that contribute to the sector’s longevity.

One such protocol, Memebet, is the first online casino where players can use meme coins. The presale commenced this week, and the project’s native $MEMEBET token attracted over $200,000 in investments within just two days.

With online gambling projected to grow from a $100 billion industry in 2024 to $130 billion over the next five years, Memebet could potentially become a well-known name.

$MEMEBET tokens provide a variety of benefits for players, including airdrop rewards, exclusive VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, which will feature real-world prizes and casino bonuses.

The project has recently initiated a 400 million $MEMEBET airdrop. To participate, simply purchase some tokens, await the launch of the casino (before the presale concludes), and begin gaming and betting to earn rewards.

Overall, $MEMEBET may offer greater rewards than Justin Sun’s Sundog.

Stay informed about the latest Memebet news and updates on X and Telegram.

Visit Memebet Casino

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