- Whales accumulated large amounts of GME and KITTY after Roaring Kitty’s announcements.
- Activity on the Solana network surged while revenue generated declined.
As an experienced financial analyst, I find the recent developments in the digital asset market intriguing. The sudden surge in GameStop stock and related meme tokens, such as GME on Solana and AMC, is a clear indication of the power of social media influencers and retail investor sentiment.
On Thursdays, the spotlight on GameStop’s stock intensified remarkably as influential internet investor Keith Gill, alias RoaringKitty, disclosed new information regarding his substantial investment in the corporation.
GameStop won’t stop
In a Reddit post, Gill disclosed that the worth of his GameStop shares and options amounted to an impressive $586 million in total. Additionally, he made known his plans for a live broadcast on YouTube, set for the 7th of June.
This update sent GameStop shares soaring by 47% by the end of the trading day on 6th June.
It’s intriguing to note that the sudden increase in GameStop’s stock value didn’t only affect the conventional stock exchange. Instead, this trend was mirrored in the digital asset marketplace as well.
A meme token named GME, which is built on the Solana platform and unconnected to GameStop in an official capacity, experienced a significant surge of over 80% within the last 24 hours based on information from CoinGecko.
Despite the wider cryptocurrency market experiencing a pullback, this leap occurred. Likewise, the micro-cap token named AMC, unrelated to the troubled movie theater company of the same name, surged by 83%.
Additionally, the KITTY token on the Solana network also grew by 108.73% over the last 24 hours.
As an analyst, I’ve noticed that whales have started amassing significant quantities of tokens on the Solana network. Based on data from Lookonchain, a trader purchased approximately 6,460 SOL, equivalent to around $1.1 million, to acquire GME and KITTY tokens.
I analyzed the trading activity, where a trader invested approximately $1.098 million in Solana (SOL) tokens. Of this sum, they allocated $853,000 to purchase around 35.99 million shares of GameStop Corporation (GME), priced at roughly $0.02362 per share. The remaining $245,000 represented the acquisition of approximately 8.6 million tokens in Kitty Cat Game (KITTY), each costing around $0.02891.
How is Solana doing?
As a researcher studying the whale market, I’ve observed that prolonged attention from large-scale investors, or “whales,” can significantly boost the value of certain cryptocurrency tokens. This heightened interest could potentially lead to even greater price increases, making these tokens more enticing to potential investors.
Among all networks, Solana is expected to reap the greatest benefits from the current meme coin craze. The affordable transaction fees on the Solana platform make it a popular choice among users looking to create and capitalize on trending cryptocurrencies.
According to AMBCrypto’s examination of terminal data, there was a 23.0% increase in the count of active addresses on the Solana blockchain during the last month.
Although the cost increase took place, Solana’s total earnings dropped by 37.6% over that time frame.
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2024-06-07 15:03