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08/21/2024

Trader Turns $1,000 Into $750,000 With Tron's SunWukong Memecoin

An anonymous trader on the Tron network turned an initial $1,000 investment into over $750,000 trading a new Tron memecoin called SunWukong (SUNWUKONG). According to an August 21 post on X from blockchain data platform Arkham Intelligence, the trader bought 43.8 million SunWukong tokens for an entry price of $997. The value of the SunWukong memecoin surged after Tron founder Justin Sun changed his X profile picture to an image of Sun Wukong — a character from the newly released Chinese video game

Trader Turns $1,000 Into $750,000 With Tron's SunWukong Memecoin

An anonymous trader on the Tron network turned an initial $1,000 investment into over $750,000 trading a new Tron memecoin called SunWukong (SUNWUKONG).

According to an August 21 post on X from blockchain data platform Arkham Intelligence, the trader bought 43.8 million SunWukong tokens for an entry price of $997.

The value of the SunWukong memecoin surged after Tron founder Justin Sun changed his X profile picture to an image of Sun Wukong — a character from the newly released Chinese video game Black Myth: Wukong.

The game launched on August 20 and broke records, reaching over 2.2 million concurrent users on the Steam gaming platform within its first 24 hours, making it one of the most popular single-player games in the platform's history.

According to data from DexScreener, the token's price shot up from roughly $3,000 to an all-time high of $17 million in market cap — a gain of over 566,500% in under 12 hours.

The trader's memecoin position went from $1,000 to $750,000 at the peak of the rally.

SunWukong's value spiked after Justin Sun changed his profile picture. Source: DexScreener

However, the memecoin has since fallen 58% from its all-time high, and at the time of writing the token had a market cap of $7.4 million.

For now, though, those gains are still only on paper.

Data from Tronscan shows the trader has not sold any of their SunWukong tokens. At the time of writing, their current holdings were worth approximately $329,000.

The trader has not sold any of their SunWukong tokens. Source: TronScan

The trade comes amid the rapid growth of Sun Pump, a Tron-based memecoin launchpad whose name is a nod to Sun himself.

Related: Solana memecoin protocol teases new 'short squeeze' platform

In the 12 days following its August 10 launch, Sun Pump surpassed $1 million in revenue.

Sun Pump is a clone of Pump.fun, a Solana-based memecoin project that drove a surge in memecoin activity on the Solana network and has generated $95 million in revenue since its January launch.

While the memecoin trading boom has been celebrated by supporters, others have criticized these speculative assets for being "exploitative" and argue they have undermined the true principles of crypto.