Sundog, a meme coin on Tron, has seen its price spike sharply after a whale scooped up $2 million worth of the token

Justin Sun and SunPump's launch and the hype that followed the meme coin launchpad's unveiling is key to Sundog's traction.

A Tron-based meme coin has seen its price sharply increase after a whale purchased $2 million worth of the token.

According to blockchain analytics platform Lookonchain on Sept. 12, a whale sold the native Tron (TRX) token and used the funds to buy the surging meme coin in one transaction. Per the analytics platform, the whale withdrew 13.07 million TRX — valued at $2 million — from Binance and bought 3.52 million Sundog (SUNDOG).

A whale withdrew 13.07M $TRX($2M) from #Binance and bought 3.52M $SUNDOG in one transaction just now!https://t.co/XP5whshQPU pic.twitter.com/WggzVWxDz9

Following the transaction, the price of SUNDOG spiked, rising sharply from lows of $0.30 to $0.35. Overall 24-hour gains for the token stood at 25% at the time of writing. The token was just below its new all-time high as its price surged.

As the price of SUNDOG surged, the meme coin’s market cap increased to more than $350 million. Meanwhile, daily volume was up 32%, with a total of over $198 million in volume being recorded in the past 24 hours.

Sundog is currently Tron’s top meme coin by market capitalization. The meme coin was launched less than a month ago, on Aug. 15, and has seen staggering gains of 770% from lows of $0.039 on Aug. 16.

The launch and hype from Justin Sun and SunPump regarding the meme coin launchpad were key to Sundog's traction. Sundog has also been aggressively listed on major exchanges, including MEXC, Bybit, Gate.io and KuCoin. In the past 24 hours, SUNDOG was also added to the Philippines’ largest crypto exchange Coins.ph, as well as HTX and trading app RabbitX.

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