Whale Makes 2 Million Investment in SUNDOG Will It Lead to a Price Rally

Whale Takes Out $2M in TRX Tokens, Invests in SUNDOGE
A large crypto investor, known as a whale, recently withdrew 13.07 million TRX tokens worth $2 million from Binance and used the funds to purchase a substantial 3.52 million SUNDOGE meme coin. This significant move has caused a surge in interest and a substantial increase in the price of SUNDOGE, as reported by the on-chain analytic firm Lookonchain.

Following this notable investment, the value of the meme coin skyrocketed by 27%, jumping from $0.305 to $0.373. As of now, SUNDOGE is trading around $0.362 and has seen a price surge of over 20% in the last 24 hours. The trading volume has also increased by 60%, indicating heightened interest from traders and investors as the whale activity in this meme coin grows.

As a result of this impressive performance, SUNDOGE’s market capitalization has risen to $360 million. With continued investments from large investors and other market participants, it could potentially reach a market cap of $1 billion, solidifying its position as Tron’s leading meme coin in terms of market capitalization.

On-chain metrics from Coinglass show a significant increase in open interest in SUNDOGE, with a 50% surge in the last 24 hours and a 15.6% increase in the last four hours. This upward trend in open interest since its launch indicates a bullish signal for the meme coin.

SUNDOGE is currently available on major cryptocurrency exchanges such as Bybit, KuCoin, MEXC, HTX, and Gate.io, with the Philippines-based Coins.ph also listing the meme coin. This widespread availability has contributed to the growing interest and investment in SUNDOGE, with a previous $450,000 investment from a different whale on August 19, 2024, further highlighting the potential of SUNDOGE in the crypto market.