- A new memecoin trend has emerged today, with significant trades being made by crypto whales.
- According to onchain data, a trader on the Solana network made significant trades in a memecoin mimic of a company that made headlines today.
- This token, which shares the same name as GameStop shares traded in the US, is a memecoin with no connection to the company.
Explore the latest memecoin trend and the significant trades made by crypto whales on the Solana network, with a focus on the GameStop-inspired memecoin.
GameStop Shares and the Rise of GME Memecoin
GameStop shares in the US showed an incredible rise today. The reason for this rise was the return to Twitter of Keith Gill, aka Roaring Kitty, one of the architects of the short squeeze in GameStop shares in 2021. With the rise in GameStop shares, the GME memecoin also recorded significant increases. The GME price climbed 1365% in the last 24 hours. During this rise, a trader purchased GME with $65,000 worth of SOL coin following the activation of Roaring Kitty’s Twitter account. They then sold these for a price of $336,000 14 hours later, earning a profit of $271,000 in just 14 hours.
Whale Wallets and the GME Token
On the other hand, a second whale wallet fell victim to the FOMO effect during the rise in the GME token three months ago and purchased a large amount of GME tokens for $408,000. Despite the GME price falling more than 90% since then, this whale never sold their assets. Today, thanks to the reappearance of Roaring Kitty, they have made up for their losses and currently have an unrealized profit of $282,000.
The Emergence of New Memecoins
Following the rises in GameStop, several new memecoins have emerged. Another altcoin named GME, this time on the Ethereum network, has appeared. Crypto analysis platform Lookonchain, in its statement about this altcoin, detected that someone who had prior knowledge of the project bought 34% of the total supply of the token with $17.7 thousand. Analysts warned that this whale has current assets of $1.96 million and could dump.
Conclusion
The latest memecoin trends and significant trades by crypto whales highlight the volatile and speculative nature of the crypto market. While some traders have made significant profits, others have experienced substantial losses. As new memecoins continue to emerge, it’s crucial for investors to conduct thorough research and exercise caution.
