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Saturday, July 20, 2024

Whale Activity Surges on Solana Following Roaring Kitty’s GameStop Update

In the wake of Roaring Kitty’s recent announcements, whales have made significant moves in the Solana ecosystem, accumulating substantial amounts of GameStop (GME) and KITTY tokens.

As Roaring Kitty, also known as Keith Gill, shared updates on his substantial investment in GameStop, attention around the stock soared. Gill revealed on Reddit that his holdings in GameStop stock and options were valued at a staggering $586 million. The anticipation further intensified with Gill’s announcement of a livestream scheduled for June 7th, sending GameStop shares soaring by 47% by the end of June 6th’s trading day.

However, the excitement extended beyond traditional stock markets, resonating within the digital asset realm. The Solana-based meme token GME, despite the broader crypto market pullback, surged over 80% within 24 hours, according to CoinGecko data. Similarly, the micro-cap AMC token, unrelated to the movie theater chain AMC, also spiked by 83%. Concurrently, the KITTY token on the Solana network witnessed a staggering 108.73% growth in the same period.

Whales wasted no time in capitalizing on this surge, with data from Lookonchain revealing substantial token acquisitions. A trader invested 6,460 SOL, equivalent to $1.1 million, to acquire both GME and KITTY tokens on the Solana network. Notably, the trader spent 5,000 SOL, amounting to $850,000, to procure 35.99 million GME at $0.02362 and an additional 1,460 SOL, totaling $248,000, to acquire 8.6 million KITTY at $0.02891.

Solana stands to benefit immensely from this memecoin frenzy due to its low transaction fees, attracting users seeking to capitalize on crypto trends. Token Terminal’s data, analyzed by AMBCrypto, indicates a 23.0% growth in active addresses on the Solana network over the past month. However, despite the surge in token prices, Solana’s overall revenue generated experienced a decline of 37.6% during the same period.

Akshit Yadav
Akshit Yadav
Akshit is a dynamic young voice in the blockchain and cryptocurrency space, known for his innovative insights and fresh perspectives. Passionate about the intersection of technology and finance, he brings a youthful energy to his exploration of decentralized systems and digital currencies.

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