- Whales accumulated large amounts of GME and KITTY after Roaring Kitty’s announcements.
- Activity on the Solana network surged while revenue generated declined.
The attention around GameStop stock jumped sharply on Thursday after Keith Gill, a popular online investor known as RoaringKitty shared an update on his significant investment in the company.
GameStop won’t stop
Gill revealed on Reddit that his holdings in GameStop stock and options weren valued at a combined total of $586 million. He also announced a livestream on YouTube scheduled for 7th June.
This update sent GameStop shares soaring by 47% by the end of the trading day on 6th June.
Interestingly, the surge in GameStop stock wasn’t contained to just the traditional stock market. The excitement rippled through the digital asset market as well.
Solana-based meme token GME, inspired by GameStop but with no official connection to the company, surged more than 80% over the past 24 hours according to CoinGecko data.
This jump came even though the broader cryptocurrency market was pulling back. Similarly, the micro-cap AMC token, which shares the name of the struggling movie theater chain AMC but has no affiliation with it, also jumped by 83%.
Additionally, the KITTY token on the Solana network also grew by 108.73% over the last 24 hours.
Source: CoinMarketCap
Whales also began accumulating large amounts of these tokens. According to Lookonchain’s data, a trader spent 6,460 SOL amounting to $1.1 million to buy GME and KITTY on the Solana network.
Specifically, the trader spent 5000 SOL amounting to $850,000 to buy 35.99 million GME at $0.02362 and 1,460 SOL which came up to $248,000 to buy 8.6 million KITTY at $0.02891.
Source: X
How is Solana doing?
Sustained whale interest can cause the price of these tokens to surge even further, which may attract more investors to buy these tokens.
Solana will be the network that would gain the most from this memecoin mania. Due to the cheap fees on the Solana network, most users opt for Solana while making these kinds of tokens to capitalize on these crypto trends.
AMBCrypto’s analysis of the token terminal’s data revealed that the number of active addresses on the Solana network grew by 23.0% over the past month.
Despite the surge in price, the overall revenue generated by Solana had declined by 37.6% during the same period.
Source: Token Terminal
