Ty Dolla $ign Enters meme coin Space with 3.2 Million TRX investment in Sundog
Grammy-nominated rapper Ty Dolla $ign made headlines recently by investing 3.2 million TRX, equivalent to approximately $502,000, into Sundog ($SUNDOG), a meme coin built on the TRON blockchain. This move marked his foray into the meme coin space, following a series of tweets and interactions with American professional boxer Ryan Garcia, who is an avid supporter of Sundog.
It all started on October 3, when Ty Dolla $ign expressed his curiosity about meme coins in a tweet, wondering if people were truly profiting from the hype surrounding them. This tweet caught the attention of many, including Ryan Garcia, who recommended that the rapper should "Bet on Sundog." Just a couple of days later, Ty Dolla $ign hinted at investing $500k in a meme coin, prompting Garcia to suggest Sundog as a potential option.
Ty Dolla $ign's Investment in Sundog
On October 8, Ty Dolla $ign followed through on his tweet by investing 3.2 million TRX in Sundog and encouraging his followers to join him in supporting the meme coin. His transaction was publicly confirmed on the TRON Blockchain, solidifying his commitment to Sundog as an investment opportunity.
While Ty Dolla $ign's move generated excitement within the crypto community, not everyone shares the same enthusiasm for meme coins. Billionaire businessman Mark Cuban, known for his support of Dogecoin, expressed skepticism about meme coins during an interview with Farokh Sarmad, cautioning that they could potentially lead to rug pulls in the future.
The Rise of Sundog Meme Coin
Sundog, which was launched in August 2024 through the SunPump meme coin launchpad on TRON, has seen a significant increase in popularity and Market capitalization. Currently trading at $0.2484, Sundog has experienced a surge of more than 250%, reaching a market capitalization of over $250 million.
- Sundog received a 2 million TRX grant from the TRON team, indicating support and recognition from the Blockchain community.
- The meme coin conducted a $2 million airdrop to 500,000 TRX holders, further boosting its visibility and engagement.
Celebrities in the cryptocurrency Space
Ty Dolla $ign's investment in Sundog adds him to the list of hip-hop artists who have ventured into the Cryptocurrency space. Rapper Logic invested $6 million in Bitcoin, while Snoop Dogg has embraced web3 through NFTs and blockchain-based experiences.
Nas, another prominent figure in the music industry, made a significant profit from his investment in Coinbase and has explored Tokenization of music Royalties through NFTs, allowing fans to have a stake in his songs.
Soulja Boy has also shown interest in Bitcoin and has been involved in nft projects, although some of his initiatives have faced scrutiny.
Overall, Ty Dolla $ign's investment in Sundog reflects the growing trend of celebrities embracing cryptocurrency and blockchain Technology, further blurring the lines between entertainment and finance.
Edited by Stacy Elliott.
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