THE TRON-BASED DIGITAL MEME CURRENCY, SUNDOG, SURPRISED THE CRYPTOCURRENCY MARKET WITH A MASSIVE RISE IN MARKET VALUE FROM $2 MILLION A FEW DAYS AGO TO NEARLY $200 MILLION TODAY.
This skyrocketing rally came thanks to significant investment and the explicit support of Tron founder Justin Sun, as the popularity of this coin continues to outperform similar coins launched on the Solana network.
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Justin Sun leads the rally
Sandug became a popular name among meme currency traders after Justin Sun announced the launch of Sunpump. Since its launch, Sunpump appears to have captured a significant portion of the market share of pump.fun, a digital token generator built on the Solana network.
During the early stages of the platform’s launch, there were fears that enthusiasm would quickly fade. However, this was not the case, as it looks like Sandug may become the first meme on Tron launched from the platform with a market capitalization of up to a billion dollars, as Sun predicted.
According to CoinGecko, the price of Sandog is currently $0.20, representing an increase of 131% over the past 24 hours. Just a few days ago, that price was $0.0020, indicating a massive 100-fold rise in a very short period of time.
Meanwhile, Sandug’s incredible performance led to an increase in the number of tokens launched on Sunpump. On August 18, there were fewer than 6,000 memes on Tron. According to Dune Analytics, that number has since jumped to 13,815.
If this rally continues, more liquidity could flow from Solana’s pump.fun to Sunpump, which in turn could lead to increased demand for TRX and Sandog.
Gold hovers near highs, waiting for two important events that will move the price
Sandug Price Prediction: Is Meme Becoming Overbought?
The hour-long chart below shows that the price of Sandog has retreated from its high of $0.22. This decline may be due to signals that the meme on Tron has become overbought.
For example, the Bollinger bands, which measure volatility, indicate that the price touched $0.21. Usually, when the price reaches the upper band, it indicates overbought conditions, while when it touches the lower band, it indicates that the asset is oversold.
Amid these increased volatility, the meme currency has seen a correction. The Relative Strength Index (RSI) supports this forecast. This indicator measures momentum and identifies excessive buying and selling conditions.
A reading above 70.00 indicates that the asset is overbought, while a reading below 30.00 indicates that it is oversold. In the chart below, Sindog’s RSI was 78.20, indicating that it was overbought, leading to a price correction.
In addition, the currency may experience an increase in profit-taking. If this happens, the price could drop to $0.17 or $0.14. However, rising buying pressure could cause the price to rise again, possibly retesting $0.22.
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