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SUNDOG Price Rally Imminent? Whale Buys Millions of Tokens

Published by
Zameer Attar

The recently launched Tron-based Sundog (SUNDOG) meme coin has garnered massive attention from crypto enthusiasts and is poised for a significant price rally, potentially due to rising interest from whales. On September 14, 2024, the on-chain analytic firm Lookonchain made a post on X (Previously Twitter) that a crypto whale spent $500,000 worth of Tron (TRX) to purchase 1.16 million SUNDOG tokens.

Whale Interest in SUNDOG

This massive purchase comes after the crypto whale had bought $2 million worth of SUNDOG two days prior, as reported by CoinPedia

Despite the massive purchase, SUNDOG remains stable and has not experienced a price surge similar to the one on September 12, 2024, when it surged more than 25%. At press time, it is trading near $0.34 and has experienced a price decline of over 2.75% in the last 24 hours. During the same period, its trading volume dropped by 11%.

This drop in trading volume is potentially due to the recent market correction following a mild price surge across the cryptocurrency market. 

SUNDOG Price Prediction

According to expert technical analysis, SUNDOG is experiencing a price correction and might remain bearish for a short period as it has experienced a price surge of over 85% in the past week. Based on SUNDOG’s recent price momentum, if it closes a daily candle below the $0.331 level, there is a strong possibility it could fall by 15% to the $0.288 level in the coming days.

Bullish On-chain Metrics

Whereas, continuous support from whales and investors may change SUNDOG’s bearish sentiment. According to the on-chain analytic firm Coinglass, its future open interest is steadily rising indicating traders and investors are on a buying spree. 

Additionally, SUNDOG’s Long/Short ratio currently stands at 1.029, indicating bullish market sentiment among traders. At present, 50.64% of top SUNDOG traders hold long positions, while 49.36% hold short positions, suggesting that bulls are dominating the asset.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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