Justin Sun-Backed Memecoin Rallies Among Dogecoin, Shiba Inu Slump — What You Need To Know

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."

See Also: El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn’t Been A ‘Resounding Success’ — ‘We Have Never Forced Anyone To Adopt It’

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

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