Solana

Whale activity increases on Solana amid Roaring Kitty’s GME update

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  • Whales accumulated large amounts of GME and KITTY after the Roaring Kitty announcements.
  • Activity on the Solana network surged while revenue generated declined.

Attention to GameStop shares increased 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 of GameStop stock and options were valued at a combined total of $586 million. He also announced a live broadcast on YouTube scheduled for June 7.

This update sent GameStop shares up 47% by the end of the June 6 trading day.

Interestingly, the rise in GameStop shares has not been limited to the traditional stock market. The enthusiasm has also spread to the digital asset market.

The Solana-based GME meme token, inspired by GameStop but with no official connection to the company, has surged more than 80% in the past 24 hours according to CoinGecko data.

This jump occurred even as the broader cryptocurrency market was in decline. Likewise, micro-cap token AMC, which shares the name of struggling movie theater chain AMC but has no affiliation with it, also surged 83%.

Additionally, the KITTY token on the Solana network has also increased by 108.73% in the last 24 hours.

Source: CoinMarketCap

Whales also began accumulating large amounts of these tokens. According to Lookonchain data, a trader spent 6,460 SOL, or $1.1 million, to purchase GME and KITTY on the Solana network.

Specifically, the trader spent 5,000 SOL for $850,000 to purchase 35.99 million GME at $0.02362 and 1,460 SOL for $248,000 to purchase 8.6 million KITTY at $0.02891.

Source:

How is Solana?

Sustained interest from whales may cause the price of these tokens to rise even further, which could attract more investors to purchase these tokens.

Solana will be the network that stands to gain the most from this memecoin mania. Due to the low fees on the Solana network, most users opt for Solana while creating these types of tokens to capitalize on these crypto trends.

AMBCrypto’s analysis of token terminal data revealed that the number of active addresses on the Solana network increased by 23.0% over the past month.

Despite the price spike, overall revenue generated by Solana declined by 37.6% during the same period.

Source: Token Terminal

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