SUNDOG Price Increases Almost 100%, This is the Reason!

Bittime - Sundog (SUNDOG), Tron's flagship meme coin, has caught the attention of the crypto community with a spectacular price surge. In fact, SUNDOG price rose 97.5% in the last 24 hours.

This phenomenon makes many people wonder, what causes it? Let's discuss it in this article!

SUNDOG Price History

Since its launch on August 15, Sundog's journey has been like a rocket shooting into space. Its market capitalization soared to $126 million (Rp. 1.94 trillion), even reaching a peak of $325 million (Rp. 5 trillion). 

Even more surprising, a "whale" or large investor is known to have invested $450,000 (Rp. 6.93 billion) in a single transaction, triggering a further price spike.

The Sundog phenomenon reminds many people of the success story of Dogwifhat (WIF), a popular meme coin on the Solana network. Both are similar in terms of speed of achieving popularity and strong "meme" appeal.

Also read: Latest XRP Price Analysis: Potential Breakout of $1 Level?

Reasons why SUNDOG prices are rising

There are several factors that cause the price of this memecoin to rise drastically. The following is the explanation.

SunPump: The Catalyst Behind the Sundog Phenomenon

What makes Sundog so interesting? The answer lies in SunPump, a token launch platform introduced by Justin Sun last week. 

SunPump positions itself as “the first fair meme launch platform”, directly challenging Pump.Fun's dominance on the Solana network.

SunPump offers something revolutionary: the ability for anyone to easily create their own tokens. This idea was greeted with great enthusiasm by the crypto community. Based on data from Dune Analytics, more than 11,000 tokens have been created on the SunPump platform in a short time.

Incentive Programs: Drive Growth, Prevent Fraud

To further strengthen his position, Justin Sun allocated $10 million (Rp. 154 billion) for the Meme Ecosystem Boost incentive program. This program does not only aim to support the growth of new meme coins. 

But this memecoin is also designed to prevent "rug pulls" or fraud that often haunt the crypto world.

The SunPump team emphasizes that this program is "dedicated to tokens launched on SunPump, with the goal of providing resources and support so that these projects can achieve greater value." 

This step of course further increases investor confidence in the Tron ecosystem as a whole.

Also read: Crypto Market on the Edge: Awaiting FOMC Decision and Fed Speech

Tron vs Ethereum and Solana: A New Battle in the Meme Coin Arena?

Although it is still too early to conclude, initial data shows that Tron is starting to show its fangs. Based on data from DeFiLlama, Tron is now ahead of other blockchain networks in terms of revenue, with a total of $1.06 million (Rp. 16.32 billion) in the last 24 hours.

Does this mean Tron will unseat Ethereum and Solana in the long term? Maybe it's still too far to say that. 

However, what is certain is that Tron has succeeded in positioning itself as an important player in the meme coin ecosystem.

Conclusion

The Sundog and SunPump phenomena have opened a new chapter in the evolution of meme coins and DeFi. However, as with every innovation in the crypto world, there are opportunities as well as challenges that must be faced.

For investors, this can be an interesting opportunity to make a profit, but you still have to remember that the meme coin market is very volatile and has high risks. For Tron itself, the challenge is how to maintain this momentum and build a sustainable ecosystem.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.