Tron founder Justin Solar rescued American singer, songwriter, and file producer Ty Dolla Signal from shedding his Sundog (SUNDOG) meme coin bag.
SUNDOG is likely one of the Tron community’s main meme cash, boasting a market capitalization above $265 million. It’s fueled by massive investments and vocal assist from the controversial Tron government.
Justin Solar Bails Out Ty Dolla Signal’s $409,000 SUNDOG Mishap
The American superstar Ty Dolla Signal mistakenly despatched 1.66 million SUNDOG tokens, valued at $409,000, to a contract deal with as an alternative of his TRX account. To help him, Justin Solar, founding father of Tron, stepped in by sending 3,194,887 TRX tokens (price $500,000) from his HTX4 pockets to Ty Dolla Signal, stating that this could assist him “get back in the game.”
Ty Dolla Signal then used the TRX tokens to re-invest within the SUNDOG meme coin. In keeping with information on Tronscan, the artist swapped the 3,194,887 TRX tokens for 1,635 SUNDOG cash on SunSwap V3, successfully channeling the funds again into the meme coin market.
Learn extra: 7 Sizzling Meme Cash and Altcoins which can be Trending in 2024
Lookonchain information helps the report on Ty Dolla Signal’s token restoration. Nonetheless, the incident sparked conversations round token restoration after such huge losses.
“You are telling me that if I’m dumb enough to burn my $400k I’ll get $500k back? Where do I sign?” Useless Cat Bounce, a pseudonymous consumer on X commented.
It stays unclear whether or not Ty Dolla Signal’s superstar profile performed a job in attracting Justin Solar’s consideration. However, it’s price noting that the conduct and final result when one sends tokens to a contract deal with varies. Particularly, it relies on the contract’s design, with one in all 5 outcomes doable:
- Rejection. Some contracts’ designs are such that they reject incoming token transfers. On this case, the tokens despatched to the contract deal with are usually not accepted, and the transaction could fail.
- Fallback Operate Execution. If the contract has a fallback operate or a obtain operate outlined, it could execute sure code logic when one sends tokens to the deal with. This operate may deal with the incoming tokens in a selected manner outlined by the contract creator.
- Token lockup. The contract’s programming could also be such that it locks up or shops the tokens despatched to it for particular functions outlined in its code. These tokens might be held in escrow or used for sure functionalities inside the contract.
- Token Swap/Trade. Some contracts permit for token swaps or exchanges. One can then change the tokens despatched for different tokens or belongings, relying on the contract’s guidelines.
- Lack of Tokens. In some instances, sending tokens to a contract deal with could end result within the lack of these tokens if the contract doesn’t deal with incoming tokens correctly or if the contract code has vulnerabilities.
Ty Dolla Signal’s incident highlights the necessity for warning when performing crypto transactions. It additionally stresses the significance of reviewing a contract’s code and performance earlier than sending tokens to a contract deal with, to keep away from potential losses.
Learn extra: 7 Greatest Tron Wallets for Storing TRX
In opposition to this backdrop, nevertheless, SUNDOG’s worth is up by 5.45%. It has successfully outperformed main meme cash like DOGE, SHIB, and PEPE, that are down between 6% and 10%. As of this writing, the Tron-based meme coin is buying and selling for $0.2588.
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