Grammy-nominated rapper Ty Dolla $ign marked his entry into the meme coin location by losing 3.2 million TRX, approximately $502,000, into Sundog ($SUNDOG), a meme coin constructed on the TRON blockchain on Monday.
The rapper’s circulate adopted a chain of tweets and gentle-hearted banter with American decent boxer and Sundog aficionado Ryan Garcia, who encouraged him to “wager on Sundog.”
Ty Dolla $ign began showing pastime on October 3, when the rapper tweeted, “What’s up with all these memecoins tho? 👀 I defend hearing about them at some stage within the role. Is it all hype or individuals if truth be told making bread of this?”
The hip-hop rich particular person’s tweet sparked on-line pastime, and correct two days later, on October 5, he mused, “What if I tumble 500k on a memecoin?” Boxer Ryan Garcia snappy spoke back with, “Bet on Sundog. Some mafia cult meme lol.”
What’s up with all these memecoins tho? 👀
I defend hearing about them at some stage within the role. Is it all hype or individuals if truth be told making bread of this?
— TyDolla$ign (@tydollasign) October 2, 2024
On October 8, Ty Dolla $ign adopted through, tweeting, “Just dropped half a Mil. Now send $SUNDOG 🚀,” sharing a link to the TRON blockchain transaction that confirmed his 3.2 million TRX aquire of Sundog.
But no longer each and each high-profile superstar shares the identical optimism about meme coins.
Billionaire businessman Value Cuban, a smartly-identified Dogecoin supporter, expressed his skepticism in a current interview with Farokh Sarmad of Rug Radio, the sister firm of Decrypt, announcing, “Every meme coin is a rug pull within the works—however that’s additionally what makes them enjoyable.”
Cuban, who treats meme coins as speculative gambles, admitted to taking a success upon at them for entertainment—however cautioned in opposition to taking them too critically.
The rising Sundog memcoin launched in August 2024 by the usage of the SunPump memecoin launchpad, TRON’s replacement to Solana’s Pump.Stress-free. At the time of writing, Sundog is trading at a tag of $0.2484, as per CoinMarketCap files.
Since its debut, Sundog’s market capitalization surged by extra than 250%, reaching over $250 million, driven by superstar endorsements and neighborhood engagement.
Sundog turned into as soon as the predominant meme coin to catch a 2 million TRX grant from the TRON team and performed a $2 million airdrop to 500,000 TRX holders, boosting its popularity.
Ty Dolla $ign joins a increasing list of hip-hop artists who bought into cryptocurrency. In 2020, rapper Common sense invested $6 million into Bitcoin. Snoop Dogg, broadly opinion to be a crypto ambassador, has embraced Web3 through NFTs and blockchain-based fan experiences.
Nas, one other rap account, turned into as soon as an early investor in Coinbase, reportedly making over $40 million when the unreal went public in 2021. He has additionally explored the tokenization of music royalties, giving followers a stake in his songs through NFTs.
Soulja Boy has been one other vocal proponent of Bitcoin, having launched a music titled “Bitcoin” in 2018, though his involvement in controversial NFT initiatives has drawn scrutiny.
Edited by Stacy Elliott.
