An anonymous investor on the Tron (TRX) network has increased their wealth to $750,000 with the SunWukong token. The initial capital multiplied by 750, yet the investor hasn't sold a single token.
$1,000 Investment Reaches $750,000
According to blockchain data platform Arkham Intelligence on August 21, an anonymous investor purchased 43.8 million SunWukong tokens, spending approximately $997. The price of SunWukong token surged after Tron’s founder Justin Sun changed his profile picture on X to the Sun Wukong character from the new video game Black Myth: Wukong, inspired by Chinese mythology. The game, released on August 20, reached over 2.2 million concurrent users on the Steam platform within the first 24 hours, becoming one of the platform’s most popular single-player game launches. According to DexScreener data, SunWukong’s market value rose from $3,000 to $17 million. This increase represents a gain of over 566,500% in less than 12 hours. During this rally, the investor’s investment rose from $1,000 to $750,000. The token’s price has dropped by 58% from its peak, with a market value of approximately $7.4 million at the time of writing. These gains are currently only on paper. According to Tronscan data, the investor has not sold a single SunWukong token, keeping the current value of their assets around $329,000.
SunPump Effect
SunWukong’s impressive rise occurred during a period of significant growth for the Tron-based memecoin distributor SunPump. SunPump, named after Tron’s founder Sun, generated over $1 million in revenue within 12 days of its launch on August 10. SunPump is a copy of the popular Solana-based memecoin distributor pump.fun, which has generated over $95 million in revenue since its launch in January this year. While the rise of memecoin trading pleases some, others criticize these speculative assets as exploitative, arguing they undermine the true principles of cryptocurrency.
This situation illustrates how the cryptocurrency market can attract investors with different goals and strategies. However, it is important to remember the risks associated with the speculative nature of such assets.
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