- GME led the Solana memecoins gainers chart.
- dogwifhat and Popcat were other assets that saw significant price increases.
As a researcher with a background in cryptocurrency and blockchain technology, I find the recent surge in Solana memecoins fascinating. The impact of a single social media post by “Roaring Kitty,” the account of trader Keith Gill, on various Solana memecoins like GME, Popcat, and dogwifhat has been quite significant.
Recently, there’s been a significant increase in popularity for memcoins on the Solana blockchain. This surge can be largely attributed to a single influential post. Notably, among these memcoins, the GameStop token (GME) has emerged as the frontrunner, driving the uptrend despite a history of sluggish growth.
As a researcher studying the Memecoin market on the Solana (SOL) network, I’ve noticed that coins like Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have experienced positive growth due to the current favorable trends in this sector.
Roaring Kitty sets Solana memecoins rolling
On May 13th, a post from the “Roaring Kitty” social media account instigated significant activity within the Solana memecoin market.
Keith Gill, an influential trader, is behind the “Roaring Kitty” account. His video content has historically driven price surges for meme coins, most notably for GameStop (GME).
How GME reacted
An in-depth examination conducted by AMBCrypto uncovered an extraordinary increase in GameStop (GME) stock prices on May 13th. The value of GME soared past expectations, jumping from approximately $0.0005 to a staggering $0.009 – representing a mind-boggling rise of over 1,600%.
At the moment of examination, the price level of GME reached an unprecedented peak, surpassing all previous records, and was priced approximately at $0.01. This signified a substantial rise of more than 20% from that point.
As a market analyst, I’ve observed that the Relative Strength Index (RSI), a popular momentum indicator, has shown a clear bearish trend for this asset. Specifically, the RSI reading is above 80, which is considered overbought territory and typically indicates that the security may be due for a correction or pullback.
Although there has been a significant increase, maintaining the pace may necessitate raising the volume even more. However, among all the Solana memecoins, GameStop (GME) experienced the most growth during the past 24 hours.
Popcat and dogwifhat share the memecoin uptrend
An examination of the current standings among Solana’s meme coins indicated that Popcat experienced significant growth over the past day.
As a researcher studying Popcat’s stock performance, I observed a significant gain of more than 16.5% on May 13th, which took its trading price to approximately $0.48. At the present moment, I see that the stock is trading at nearly $0.5, representing an additional increase of over 3%.
Similar to GME, Popcat’s Relative Strength Index (RSI) suggested a bull trend.
As a crypto investor, I’ve also seen positive returns from Dogwifhat, though not as significant as GME and Popcat. On May 13th, Dogwifhat recorded a gain of more than 1%, reaching a trading price of around $3. Currently, it’s trading slightly above $3, which represents an increase of over 2%. Despite its smaller gains, Dogwifhat remains the largest memecoin on Solana with a market cap surpassing $3 billion.
What next for Solana’s memecoins?
Recent posts from Roaring Kitty have sparked curiosity about GME and other memcoins on the Solana platform. Yet, it’s impossible to foresee with absolute certainty what the next steps will be for these coins, given that Roaring Kitty’s actions continue to unfold.
Read Solana’s [SOL] Price Prediction 2024-25
If Roaring Kitty shares any favorable news regarding GameStop (GME), it could potentially spark renewed interest in other meme coins, leading to an uptrend for them as well.
As a crypto investor, I’m eagerly looking forward to the upcoming developments in the memecoin market during the rest of the week. These events could potentially provide valuable insights into the future direction of these assets.
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2024-05-14 18:16