A Filipino trader has made a remarkable recovery after losing over P500,000 in a cryptocurrency scam, known as a rug pull, by turning a setback into a profitable opportunity through the memecoin Seal Dog on the Sui Network.

In October, the trader, using the pseudonym MemeWhales, fell victim to a rug pull—a scam where the creators of a cryptocurrency venture suddenly withdraw all funds, causing the coin’s value to plummet and leaving investors with worthless assets. MemeWhales lost P560,000 when Kong Sui, a memecoin on the Sui blockchain, was abandoned by its creators.

Despite the setback, MemeWhales stayed optimistic about the potential of memecoins, especially those on the Sui Network. His belief in the speculative nature of these coins soon paid off.

On November 9, he invested in Seal Dog (SOG), a new memecoin on Sui, just as it underwent important updates. These updates included integrating SOG with the Sui blockchain and enhancing its decentralized exchange (DEX), which led to a massive price surge. SOG’s market cap shot up from $50,000 to over $2 million in just a few days.

By the time this article was published, MemeWhales had earned over ₱2.9 million from his SOG investment, as reported by BitPinas.

His recovery highlights the high-risk, high-reward nature of cryptocurrency trading, particularly in the volatile world of memecoins.