SUNDOG, a dog-themed coin on the Tron TRX/USD blockchain, overcame the broader memecoin slump to post healthy gains on Sunday.
What happened: The meme cryptocurrency jumped more than 6% over the last 24 hours to $0.2371, taking its market capitalization past $238 million.
The rally was in sharp contrast to the price action of more established tokens like Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Pepe PEPE/USD, all of which recorded steep declines in excess of 3%.
SUNDOG was launched on SunPump, a memecoin launching pad on the TRON blockchain, akin to Pump.fun on the Solana SOL/USD network.
The coin's price has skyrocketed 289% since its launch on Aug. 15. Tron founder Justin Sun has backed the token, referring to it as “fly dog” and “dope doggie."
Why It Matters: SUNDOG has become the face of the meme frenzy on the Tron network, with degens creating an avalanche of tokens for money-minting prospects.
The total market cap of Tron-based meme coins has swelled past $456 million as of this writing, according to CoinGecko.
The broader cryptocurrency market tanked Sunday, with Bitcoin BTC/USD and Ethereum ETH/USD enduring significant losses.
Price Action: At the time of writing, TRX, Tron’s native token, was trading at $0.1558, down 0.12% in the last 24 hours, according to data from Benzinga Pro.
Photo by Avi Rozen on Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
