Memecoins
What’s the Future of Solana’s Memecoins as GameStop Causes a Historic Surge?
- GME leads Solana’s memecoin earnings chart.
- dogwifhat and Popcat were other assets that saw significant price increases.
Solana’s Memecoin have seen a recent surge, largely fueled by a single post. Among these, the GameStop token [GME] took the lead in leading the uptrend despite previously showing stagnant performance.
Other memecoin on the Solana [SOL] network, such as dogwifthat [WIF], Good [BONK]AND Popcat [POPCAT] they also benefited from the positive trends currently observed in SOL memecoins.
Roaring Kitty spins Solana memecoins
A post made by the social media account “Roaring Kitten” May 13 triggered notable movements Solana memecoin.
“Roaring Kitty” is the account of Keith Gill, a trader whose videos have previously influenced spikes in memecoin values, most notably GameStop (GME).
How GME reacted
AMBCrypto’s analysis GameStop (GME) price movement revealed a significant increase on May 13th. GME’s value skyrocketed more than 1,600%, reaching $0.009 from around $0.0005.
This surge marked an all-time high for GME, which was setting another record at the time of analysis. At the time of writing, it was trading at around $0.01, indicating a further increase of more than 20%.
Additionally, the Relative Strength Index (RSI) has indicated a strong downtrend, with the RSI above 80, signaling an overbought condition.
Source: TradingView
Despite the surge, further increases in volume may be needed to sustain the momentum. However, GME has emerged as the biggest gainer among Solana memecoins over the past 24 hours.
Popcat and dogwifhat share the uptrend of memecoins
Analysis of Solana memecoin rankings revealed that Popcat it was another notable gain in the last 24 hours.
Popcat’s chart indicated a gain of more than 16.5% on May 13, with the trading price reaching around $0.48. At the time of writing, it was trading at almost $0.50, marking a further increase of more than 3%.
Similar to GME, Popcat’s Relative Strength Index (RSI) has suggested an uptrend.
Source: TradingView
In the meantime, dogwifthat they also posted gains, although less substantial than GME and Popcat. On May 13, dogwifhat posted a gain of more than 1%, trading at around $3. Currently, it has been trading at just over $3, reflecting an increase of more than 2%. Despite its smaller earnings, Dogwifhat remained Solana’s largest memecoin with a market capitalization above $3 billion.
Source: TradingView
What future for Solana’s memecoins?
Roaring Kitty’s recent post has sparked interest in GME and other Solana memecoins. However, the next moves of these coins cannot be predicted with certainty, as the Roaring Kitty activity appears to be ongoing.
Light Solana’s [SOL] Price forecast 2024-25
If Roaring Kitty were to post positive GME-related updates, other memecoins could experience another uptrend.
Events that unfold over the rest of the week will be interesting to watch, as they may shed further light on the trajectory of these memecoins.