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Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI

Photo for the Article - Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI

After losing over ₱500K to a Kong Sui memecoin rug pull in October, a Filipino trader recently made millions following the price surge of another Sui memecoin, Seal Dog (SOG).

What’s the significance: The trader’s recovery highlights the high-risk, high-reward nature of cryptocurrency trading and the speculative appeal of volatile memecoins.

  • Also: Filipino traders are increasingly drawn to memecoins for their potential exponential returns.

Key details:

  • A Filipino trader, pseudonymously known as MemeWhales, recently earned millions
    • In October, he experienced a ₱560K loss on Kong Sui rug pull but still expressed bullishness on memecoins on the Sui Network.
  • On November 9, the developers behind SOG bonded the memecoin on SUI and updated its DEX; following this SOG’s market cap soared from $50K to $2M in just a few days.
Photo for the Article - Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI

At the time this article was written, the trader has netted over ₱2.9 million from the SOG Trade:

Photo for the Article - Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI

What is SOG: Seal Dog (SOG) is a meme coin built on the Sui Network, characterized by its playful branding and community-driven growth. 

  • Like many memecoins, it aims to attract investors through low entry barriers and speculative potential, often leveraging trends and humor for virality within crypto communities. 
  • The developers highlighted that “the Seal Dog is one of the only real-life dog memes on Sui.
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More details on SOG:

  • A relatively new coin, it was created last November 9.
  • The current market cap stands at $6.3 million with a liquidity of $369,000.
  • For all intents and purposes, it is a low cap coin, and thus trading it has a big high risk – high reward ratio.
Photo for the Article - Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI
SOG 4-Hour Chart

Memecoins attract investors by offering low entry costs and potential for high returns, often relying on community support and viral trends. 

  • However: Memecoins remain speculative, and while their rise can be explosive, they are often subject to sudden drops, particularly in highly volatile markets; investors should be cautious as prices can easily swing both ways.

Still, at least in the case of the Pinoy trader, who lost before in the Kong Sui rugpull and appeared to have made it all back and more, their (non-financial) advice is still the old adage:

Photo for the Article - Jackpot! Pinoy Trader Recovers from ₱560K Rugpull, Nets Over ₱2.9M In SOG surge on SUI

Worth reading: In a BitPinas interview, Filipino degens to explain why Filipinos embrace high-risk crypto investments.

This article is published on BitPinas: From Rug Pull to Millions: Pinoy Trader Recovers from ₱560K Loss, Nets Millions In SOG surge

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