Solana

Sun Wukong

Arkham

An anonymous trader on the Tron network turned an initial bid of $1,000 into over $750,000, trading a new Tron-based memecoin called SunWukong (SUNWUKONG).&nbsp;
In an Aug. 21 X post, blockchain data platform Arkham Intelligence shared that the trader purchased 43.8 million SunWukong tokens for an initial price of $997.&nbsp;
The value of the SunWukong memecoin ballooned following a move from Tron founder Justin Sun to <a data-ct-non-breakable="null" href="https://x.com/justinsuntron" rel="null" target="null" text="null">change</a> his profile picture on X to an image of Sun Wukong — a character from a newly released Chinese folklore-based video game Black Myth: Wukong.&nbsp;
The game was launched on Aug. 20 and also notched records, topping over 2.2 million concurrent users on the gaming platform Steam within its first 24 hours, cementing it as one of the most popular single-player game launches in the platform’s history.
<a data-ct-non-breakable="null" href="https://dexscreener.com/tron/thumltrgjbfamaoa8isuuwfjfkmhtbkzof" rel="nofollow noopener" target="_blank" text="null">According</a> to DexScreener data, the token surged from around $3,000 to as high as $17 million, a gain of over 566,500% in less than 12 hours.&nbsp;
The trader’s memecoin holdings went from being worth $1,000 to as much as $750,000 at their peak during the rally.&nbsp;
<figure>
 <img alt="Trader turns $1K into $750K trading Tron memecoin SunWukong" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-22%20at%2012.09.53%E2%80%AFPM">
 <figcaption style="text-align: center;">
 The value of SunWukong surged following Sun’s profile picture change. Source: DexScreener
 </figcaption>
</figure>
The meme coin’s price has since slid 58% from its all-time high, and at the time of publication, the token commands a market capitalization of $7.4 million.&nbsp;
But it’s all still paper gains for now. 
Tronscan <a data-ct-non-breakable="null" href="https://tronscan.org/#/address/TDm2Z3PzqoFcdkAvj1Fyfrt1gQQCYinTWp" rel="null" target="null" text="null">data</a> shows the trader hasn’t sold even a single SunWukong token. At the time of publication, their current holdings were worth around $329,000.
<figure>
 <img alt="Trader turns $1K into $750K trading Tron memecoin SunWukong" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-22%20at%2011.58.47%E2%80%AFAM">
 <figcaption style="text-align: center;">
 The trader hasn’t sold any of their SunWukong holdings. Source: TronScan
 </figcaption>
</figure>
The trade comes <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-deployer-sunpump-1m-revenue-days-after-launch" rel="null" target="null" text="null">amid outsized growth</a> in Tron-based memecoin deployer Sun Pump, which draws its namesake from Sun.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-memecoin-protocol-short-squeeze-tool" rel="null" target="null" text="null">Solana memecoin protocol teases new ‘short squeeze’ platform</a>
In the 12 days following its launch on Aug. 10, Sun Pump has already topped $1 million in revenue.&nbsp;
Sun Pump is an imitation product of the popular Solana-based <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pump-fun-offers-80-dollars-tokens-complete-bonding-curve-will-it-stop-rug-pulls" rel="null" target="null" text="null">memecoin deployer Pump.fun</a>, which has given rise <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pump-fun-daily-revenue-outpaces-the-next-24-protocols-combined" rel="null" target="null" text="null">to a surge in memecoin activity</a> on the Solana network and has generated $95 million in <a data-ct-non-breakable="null" href="https://dune.com/adam_tehc/pumpfun" rel="null" target="null" text="null">revenue</a> since its launch in January.
While the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto" rel="null" target="null" text="null">rise of memecoin trading</a> has been celebrated by its advocates, others <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/debate-continues-memecoins-positive-destructive-crypto" rel="null" target="null" text="null">have lashed the speculative assets</a> for being “extractive” and claim they’ve destroyed the true principles of crypto.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/" rel="null" target="null" text="null">Memecoins: Betrayal of crypto’s ideals… or its true purpose?</a>

Trader turns $1K into $750K trading Tron memecoin SunWukong

Cointelegraph

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