Why This Altcoin Outperforming Dogecoin and Shiba Inu With 100X Gains?

Leaving aside Bitcoin, Ethereum, and even popular meme coins like Dogecoin and Shiba Inu, one altcoin has shocked netizens by achieving 100X gains. This surge is particularly noteworthy given the current struggles of the crypto market.

While Bitcoin struggles to reach $60K and other cryptos face similar challenges, altcoins like SUNDOG, PEPE, and XRP are experiencing growth. In particular, SUNDOG has been a highly profitable crypto since its launch.

New Altcoin SUNDOG Generates Market Uproar with 100X Gains

The hype surrounding SUNDOG stems from the rising demand for TRON-themed coins. Investors have been making enormous profits from newly launched tokens, particularly on Justin Sun's SunPump platform. One TRON trader famously earned $7.5 million from an initial investment of less than $300.

Such incidents have fueled the rise of meme cryptos like SUNDOG. At the time of writing, SUNDOG is trading at $0.3395, having surged by 420% over the past 30 days. Its weekly and daily charts also show positive performance, with gains of 62% and 11%, respectively.

Furthermore, SUNDOG has become the 209th top cryptocurrency, boasting a market capitalization of $344,759,215 according to CoinmarketCap. The 23% increase in its trading volume to $198,191,791 indicates growing demand among investors.

Significant investor attention has contributed to SUNDOG's price surge. Recently, a crypto whale purchased 3.52M SUNDOG for 13.07M TRX ($2M). Such large-scale purchases often attract other investors to follow suit. Additionally, the development of the Sunpump platform has aided SUNDOG's growth, particularly with the launch of SUNBOT, a trading bot for TRON meme coins on Telegram.

SUN has also allocated $10 billion to an incentive program dedicated to boosting the meme ecosystem, further fueling SUNDOG's price.

Dogecoin and Shiba Inu Price Struggles Despite High Demand

Dogecoin (DOGE), known as the king of meme-based cryptocurrencies, and its rival Shiba Inu (SHIB) hold a significant share of the meme market and have a history of substantial gains. However, despite their popularity, these two coins have not been the most profitable in the current market.

Their years of dominance have provided them with multiple support systems, including their loyal communities. DOGE is currently trading at $0.1051 after a 4% surge, while SHIB is at $0.00001357, having gained 2.25% today and 5% over the week. Analysts predict that Shiba Inu could reach $0.001 in the future.

Nonetheless, both Dogecoin and Shiba Inu remain below their all-time highs of $0.7376 and $0.00008845, respectively. Their recent gains pale in comparison to their previous performance and investor expectations. As a result, many investors have shifted their funds toward newly launched altcoins like the one mentioned above with 100x gains.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market conditions. Please conduct your own thorough research before investing in cryptocurrencies. The author or the publication do not assume any responsibility for any financial losses incurred.