The trader, whose blockchain address is “TEP7…T1da,” invested 5,000 TRX (approximately $650) to purchase 6.87 million Sundog (SUNDOG) tokens. Within seven hours, Sundog’s value skyrocketed, allowing the trader to sell those tokens for 522,840 TRX, equivalent to $68,000 at the time. This resulted in an impressive return on investment of $67,350.

Might interest you: Bitcoin Sell Pressure Could Test $56K Support as Options Expiry Nears

The investor did not liquidate all of his assets and still owns 2.29 million Sundog tokens worth around $76,000. Sundog, a meme coin that can be used by dogs, saw a surge in value that has made meme-based cryptocurrencies gain popularity in 2024. At its peak, Sundog was valued at 0.04609 and showed a staggering 71,656.51% increase on the daily charts on the Bitget exchange.

Of course, it is worth noting that newly released memecoins experience quite high volatility and carpet pulling events quite frequently. Users who will invest should manage their own risks and make their investments by considering these possibilities.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Crypto Investor Makes 100x With Memecoin In Hours! appeared first on Coin Engineer.