Despite the general decline in the memecoin market, SUNDOG recorded a 9% increase.

• The celebrity endorsements have sparked mixed reactions and highlighted concerns about the memecoin’s longevity and relevance.

The memecoin market has been experiencing a great deal of activity recently, registering a notable increase of over 9% on October 6 – the highest increase this month.

However, at the time of writing, the total market cap of memecoins was “only” $52.7 billion, reflecting a slight 1.7% decline over the past 24 hours.

SUNDOG became the talk of the town

Amidst this backdrop, several dog-themed memecoins are making headlines, with Sundog [SUNDOG] gaining significant traction.

 It is noteworthy that despite the downward trend in the memecoin market, SUNDOG has seen a 9% increase in its value in the last 24 hours, according to CoinGecko .

This increase was further highlighted by Ty Dolla’s recent purchase of half a million SUNDOG tokens  , indicating strong investor interest even amid turbulent market conditions.

For those who don’t know, SUNDOG is a memecoin launched on the TRON network.

Community reactions

In light of this significant whale activity, TRON founder  Justin Sun  shared his thoughts on X, highlighting the increasing interest in this rising asset.

Ty replied to Dolla and said:

“Welcome to the Tron family!”

However, the crypto community seems to be taken aback by this news, as X user  Nate Rivers  noted. He added:

“I think this is a weird way to promote @justinsuntron. These guys are not making any moves these days.”

Another X user – Eric Cryptoman – said:

 But not everyone agrees with this view, as Ray Trapani points out:

“More celebrities should do this instead of their own coins. Sundog is a blue chip company, it should just get love. I hope even 1% of their fans see this and try to explore crypto.”

This highlights the trend of celebrity-backed memecoins that quickly gain traction after launch, but often fizzle out within hours. In many ways, such a trend represents a classic “pump and dump” scheme.

Famous memecoins – A risky gamble?

Voicing this concern, Ethereum co-founder  Vitalik Buterin  had previously expressed his dissatisfaction with the proliferation of these tokens supported by celebrities.

He underlined the urgent need for more important and relevant projects to foster real innovation in the crypto ecosystem rather than temporary trends.

He claimed:

“So far I’m pretty unhappy about the ‘famous experiments of this cycle.’ I can respect ‘financialization as a means to an end’ if the end is worthy (healthcare, open source software, art, etc.).”

SUNDOG price analysis

AMBCrypto’s TradingView analysis revealed that the token’s trading activity was highlighted by the Relative Strength Index (RSI). At the time of writing, the same index was positioned around 46 – indicating a bearish trend as it remained below the neutral level.

But despite this technical analysis, community sentiment showed a more optimistic outlook, as CoinMarketCap reported. In this particular case, bullish sentiment appeared to outweigh bearish sentiment.

This divergence suggests that although technical indicators suggest caution, the overall community sentiment remains hopeful about SUNDOG’s potential in the memecoin market.