American rapper and songwriter Ty Dolla $ign is making inroads in cryptocurrency, but his involvement hit a temporary snag when he lost his investment.
In particular, Ty Dolla $ign accidentally lost $409,000 in the meme cryptocurrency SUNDOG by transferring it to the coin’s contract addresses, according to data shared by Lookonchain on October 8.
The celebrity took to X, noting that he had moved the purchased coins to his Tron (TRX) address, but the amount had not been reflected.
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In this regard, it emerged that the musician transferred 1.66 million to the contract address. Unfortunately, sending cryptocurrency to a contract address typically means the tokens are permanently locked or “burned.” In this case, the transfer led to the complete loss of his SUNDOG investment.
Justin Sun to the rescue
However, the rapper’s financial misstep caught the attention of Justin Sun, the founder of the Tron blockchain. In a show of support, Sun transferred 3.2 million TRX tokens (equivalent to $500,000) to Ty Dolla $ign, enabling the rapper to recover most of his lost assets by repurchasing 1.64 million SUNDOG tokens. Therefore, the Ty Dolla $ign transaction saw $1 million enter SUNDOG.
It’s worth noting that SUNDOG, a meme coin built on the TRON blockchain, has gained popularity through social media with the support of celebrities such as Ty Dolla $ign.
The coin was launched in early August 2024 on the SunPump launchpad. SunPump is a platform on the Tron network aimed at helping promising projects raise funds and gain exposure.
The musician joins the growing number of celebrities, increasing their interest in the digital asset sector. For instance, as reported by Finbold, Australian rapper Iggy Azalea is positioning herself as a global ambassador for cryptocurrency mass adoption, pushing digital assets for payments rather than speculation. Notably, Azalea is among celebrities who have seen meme coins named after them, including the Mother Iggy (MOTHER) coin.
SUNDOG price analysis
By press time, SUNDOG was trading at $0.25 with daily gains of over 6%. Since the coin’s launch, it has rallied by a staggering 320% amid sustained buying pressure. To this end, SUNDOG currently boasts a market cap of $266 million.
In looking at the next price trajectory, an analysis shared by an analyst with the pseudonym medugnio_crypto in an X post on October 5 noted that if Bitcoin makes a bullish move toward the $64,000 level, $SUNDOG may be poised for a significant price surge.
The analysis indicated that SUNDOG is hovering near a potential optimal trade entry (OTE) zone between $0.2320 and $0.2435. Should Bitcoin initiate a rally, SUNDOG could target the upper liquidity zone around $0.33, representing strong upside potential. The $0.22 level has acted as support.
At the same time, it remains to be seen if the involvement of Ty Dolla $ign in SUNDOG will significantly impact the token to emulate other meme coins such as Dogecoin (DOGE). Indeed, DOGE’s ascending to emerge as the top meme coin was partly due to social media promotions by figures such as Tesla (NASDAQ: TSLA) CEO Elon Musk.
