A whale address transferred almost 53.96 million SUNDOG tokens to HTX. The purpose of executing this transaction is unknown, but it has resulted in a cumulative profit worth approximately $50 million. Reportedly, four addresses were involved in a recent transaction for a profit worth $10.21 million.
In order to prevent additional losses, the transfer could have occurred. SUNDOG has been perceived as a token that has experienced substantial gains, but is currently experiencing a decline in value. It has decreased by 15.84% in the past 24 hours and is presently listed at $0.1784. However, the token has increased by 173.86% over the last 7 days. It is safe to assume that the token will take some time to reverse its gains.
Its market cap and trading volume are down by 15.92% and 35.84%, respectively, at the time of writing this article.
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The token increased by 25% during the disruption caused by the SunPump token generator in the Tron ecosystem, according to the reports. At the time, it was exchanging hands at $0.25 with a market cap of over $250 million. SunPump, a competitor to Solana’s Pump.fun, has been introduced by the DeFi protocol Sun.io. The objective was to attract a similar user base. SUNDOG capitalized on that trend, but it appears that the trend has ended and the token is steadily declining.
SunPump and DWF Labs have formed a partnership, which was supported by Justin Sun, the founder of Tron. Involving DWF Labs entails leveraging its market-making expertise and resources. It means greater visibility and appeal for the project within the Tron ecosystem.
The token banked an ATH of $0.27283 on August 21, 2024, before hitting the current low. It is speculated that its pair with the US Dollar will restart an uptrend and reach as high as $0.32. That will pave the way for another high of $0.57. This likely ignores the potential selling pressure that could arise from the sale of tokens transferred to HTX, particularly when sold in combination. Partial selling or merely an exchange could still help absorb the pressure, but that is something that the whale address will take a call on.
Near-term predictions are bullish for SUNDOG. This serves as a reason to hold on to the token for a little while. The next five days could see SUNDOG listed at $0.247062, followed by a rise to $0.614337 in the next 30 days. The monthly surge will roughly translate to a jump of 221.63%—provided it happens on time. Alternatively, it could make notable gains, mark a decent uptick, and eventually breach all major psychological support levels.
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It remains to be seen why a whale address transferred 53.96 million SUNDOG tokens to HTX. However, any further action should reveal the effects.
