TRON Surges as Billionaire Justin Sun Launches SunPump – Is a New Meme Coin Rally Starting?

August 20, 2024 5:23 PM | 3 min read |

The silver-tongued billionaire Justin Sun is pumping Sundog after launching SunPump on TRON. Is a new meme coin rally on the way?

It’s no secret that the launch of Solana’s Pump.Fun has completely altered the crypto paradigm, removing almost all barriers to entry for new meme coin deployments and diverting huge swathes of freshly onboarded capital into the pockets of shady pseudonymous developers.

Now it appears that everybody’s favorite silver-tongued charlatan, Justin Sun, is stepping into the mix – with the launch of an equivalent on TRON named SunPump (not narcissistic at all).

And with the Pump.fun clone is already gaining traction, and Justin has already sighted a new meme coin in his crosshairs – SunDog.

Sundog was launched on August 15 and has been making waves ever since. Its current market cap is between $120 and $150 million.

SUNDOG Price Analysis: SunPump’s Top Meme Coin Now Has 9-Figure Market Cap

As Sundog continues to pump to the upside, Sundog is currently trading at a market price of $0.1764 (representing a 24-hour change of +120%).

This comes amid encouragement from Justin, who’s sought to use his capital and influence to fuel the impressive and sustained upside move – in an attempt to establish a prominent market position for a SunPump launch.

Now, at a market cap of $178m, buy-pressure is still strong, representing around 66% of transactions over the past 6-hours.

This suggests that the bullish trajectory should continue as holders continue to target a break out of consolidation and smash upside resistance at $0.20.

Yet liquidity remains meager—a cause of concern for some investors—with Sundog’s liquidity pool representing just 0.013% of the current market cap.

Furthermore, the RSI is reading at a serious overbought signal (68.99), indicating that the price may well shift to the downside—although it’s notable that the RSI can stay overbought for a long time.

Could This Token Be The Best Performer in a September Meme Coin Rally?

While Sundog is showing strength today, the long-term survival of these coins is always questionable—profits will be taken at some point. They now could represent a late entry with 11.5k holders already in profit waiting to sell.

However, that isn’t to say there aren’t remaining early-bird opportunities in the crypto market; in fact, a significant market dip like the current conditions can represent the best opportunity to take a position ahead of widely anticipated bull run pumps.

One leading opportunity currently garnering significant interest from crypto whales is the Pepe Unchained (PEPU) presale – which is currently approaching a jaw-dropping $10M raised from retail investors.

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