A trader on the TRON network, identified as TAMrp, has made headlines by turning a $1,200 investment into a $10 million windfall through TRON BULL, a memecoin on the TRON blockchain.
According to data from Arkham Intelligence, TAMrp initially acquired $780 worth of TRON BULL tokens on Sunpump, later adding $390 after it was listed on Sunswap. This incredible gain underscores the growing memecoin trend on TRON, which has recently joined other blockchains like Solana, Base, and TON in capitalizing on the memecoin hype.
TRON BULL’s meteoric rise and subsequent decline
TRON BULL, a newly launched memecoin on the TRON network, experienced a staggering increase in value, rising by almost 4 million percent in just 24 hours. On August 29, the token was trading at $0.00000327, according to CoinGecko data, before surging to an all-time high of $0.1635 the same day. However, the token has fallen by 20%, trading at $0.121. Despite this decline, TAMrp’s investment in 33.062 million BULL tokens is still valued at approximately $4.31 million.
Tron Memecoin Holding (Source: Arkham Intelligence)
The trader has not sold any of their holdings, sparking speculation within the crypto community about when they might cash out. There are concerns that as the largest token holder, any sale by TAMrp could trigger a significant drop in value, especially considering the token’s total liquidity stands at just $1.4 million.
Profit-taking and losses among other traders
While TAMrp’s decision to hold has drawn attention, other traders are already profiting from TRON BULL. Data from DEX Screener reveals that some top traders have earned up to $500,000 in profits from the token. However, not everyone has been so fortunate; one trader reportedly lost $302,000 after purchasing TRON BULL for $382,700 and selling it for just $80,000. These varying outcomes highlight the volatile nature of the memecoin market on the TRON network.
TRX Gains momentum as TRON’s network activity surges
The influx of memecoins on TRON has revitalized the network, leading to a surge in activity as traders seek to capitalize on the trend. Sunpump, a TRON-based memecoin deployer, has issued nearly 65,000 memecoins since its inception, generating 25.9 million TRX (approximately $4.17 million in revenue). This increased activity has also led to a significant rise in decentralized exchange (DEX) transactions on the TRON network, which saw a 73.45% increase in volume over the past week, reaching $180.49 million.
This resurgence in network activity has positively impacted TRX, the native token of TRON, which has now moved up to 9th place among the top ten cryptocurrencies by market capitalization. This rise is largely due to TRX’s stable performance, especially when compared to The Open Network’s (TON) token, which has dropped 18% over the past week.
As the memecoin trend continues to gain traction on TRON, the network is eyeing further milestones, including the potential for its first billion-dollar market cap, memecoin. Whether TRON BULL will achieve this milestone remains to be seen, but it has undoubtedly brought renewed attention to the TRON ecosystem.