SUNDOG (SUNDOG), a meme coin built on the Tron blockchain, has taken the crypto market by surprise.

Fueled by large investments and vocal support from Tron's founder Justin Sun, the meme coin popularity continues to overshadow those launched on Solana.

Meme coin mania has taken center stage in the crypto market, and now Tron’s (TRX) meme coin is stealing the show.

As the dust settles on Solana’s pump.fun, Tron’s SunPump has emerged as a formidable competitor, attracting a massive influx of new tokens on the Tron blockchain.

According to BeInCrypto’s analysis of X, Tron meme coins have enjoyed remarkable gains, outperforming their Solana counterparts. Notably, one meme coin has sparked comparisons to dogwifhat (WIF).

BeInCrypto previously reported on the impressive rise of WIF, a meme coin that soared to a billion-dollar market cap in a short span of time. Now, some traders are speculating that a Tron meme coin could replicate WIF’s驚人的表现.

For this to happen, some of the liquidity that flowed into Solana meme coins would need to shift towards Tron’s flagship meme coin. However, according to some SUNDOG holders, this is not out of the realm of possibility.

“The speculation that outperforming Tron would do a much better job than Avax at sucking in liquidity has aged perfectly. TRX printed another HH, and sentiment hasn’t been better this year,” pseudonymous trader ANBESSA noted on X.

As Tron’s meme coin mania reaches new heights, the number of tokens being launched on SunPump has also skyrocketed. On August 18, there were less than 6,000 meme coins on Tron. According to Dune Analytics, that number has since increased to 13,815.

If this growth continues, it could lead to a further shift in liquidity from Solana’s pump.fun to SunPump, which may in turn drive up demand for TRX and SUNDOG.

A look at SUNDOG’s one-hour price chart below reveals that the token experienced a pullback from its peak of $0.22, which may be an indication that the Tron meme coin is becoming overbought.

For instance, the Bollinger Bands (BB) which measure volatility, had the token trading at $0.21, to the upper Bollinger Band. Usually, when the upper band is hit for a cryptocurrency, it signals overbought conditions and,逆に, when the lower band is hit, it suggests the asset is oversol

Within this highly volatile environment, the meme coin experienced a retracement, which is further supported by the Relative Strength Index (RSI). The RSI measures momentum and identifies overbought and oversold conditions.

A reading above 70.00 on the RSI is considered overbought, while a reading below 30.00 indicates it is oversol

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