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GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%. 

Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year. 

While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.

According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated $400 million from January to April before slipping into the red by Monday morning.

The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania. 

As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.

Roaring Kitty’s Ripple Effect

Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.

Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data. 

For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading.

GameStop

Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday. 

The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges. 

Featured image from Shutterstock, chart from TradingView.com

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Solana Memecoin Hits $320 Trillion Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.

Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.

A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.

The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.

solana memecoin, crypto, memecoin

As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn’t move their tokens only after the project’s creator activated the “freeze authority.”

This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing.

It’s worth noting that the token isn’t backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it.

Half A Million Stolen By Memecoin Scammer

Unfortunately for investors, the creator didn’t use the freezing authority to boost the token’s market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens.

The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around $420,000. According to Birdeye data, the token is valued at $32.81 as of This writing.

Even after the community’s warning, some investors continued to buy the project. In the last 12 hours, investors have spent nearly $40,000 on the token. As some X users pointed out, the false market cap might be misleading inexperienced investors into buying the memecoin.

Although it’s not the first scam of this type, the increasing rate of new launches turning fraudulent seems alarming. As reported by NewsBTC, $27 million vanished over the last month after 12 projects were abandoned by their creators.

Ultimately, this incident highlights the importance of thoughtfully researching a project’s background and carefully deciding whether the possibility of massive gains outweighs the risks.

Crypto market cap

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Crypto Presale Frenzy Raises Over $122M Worth Of SOL In A Week

The crypto market is down as most cryptocurrencies have registered red numbers for the past few days. Expectations of making big profits out of the bullish sentiment are momentarily halted. And while many patiently wait for the prices to rise again, others are seemingly looking for different options to make their bags.

Crypto Presale Frenzy Sees Big Numbers

The “memecoin mania” has been at the forefront of the market, stealing the spotlight since February. As a result, investors might see a window of opportunity to profit from these tokens.

During the previous bull cycle, Dogecoin (DOGE) and Shiba Inu (SHIB) were at the center of the stage, with millions of dollars invested in the tokens. This time, the biggest memecoins by market cap are being outshined by some of the newer players.

Dogwifhat and other Solana-based tokens have led the way during this leg, registering massive gains in the last month. Recently, the presale and launch of Book of MEME (BOME), which started as a small experimental project, saw its surge to a $1 billion market cap in a few days.

The memecoin surge has now turned into a memecoin presale frenzy, with presale launching left and right after becoming the “meta” of the market.

The meta term, borrowed from the gaming community, refers to the Most Effective Tactic Available. As such, investors and scammers are equally attempting to take profit off the trend.

Crypto investigator ZachXBT revealed on X that the current “presale meta” trend has raised $122.5 million since March 12. Taking the BOME project as a starting point, the crypto detective counted 27 different presales from Solana-based memecoins since that date. These projects raised approximately 655,000 SOL, according to the crypto sleuth calculations.

To put the numbers into perspective, ZachXBT highlighted that these figures only account for the projects on the Solana chain in the last seven days. This means that the calculations are only one part of the bigger image as the presales before March 12, and chains like Ethereum, Base, and BSC are excluded.

Memecoins Raising Millions In Minutes

The biggest raiser on the list was the SMOLE token by visual artist Dekadente. This project received 169,982 SOL during the presale and has seen notable support from the community.

Similarly, the recently launched Slerf raised over 50,000 SOL. However, the token faced a dramatic launch after its creator accidentally burned the tokens reserved for the presale participants airdrop.

Many of the presales raised millions in a matter of minutes, which hints at impressive participation from the crypto community. However, many suggest that the massive figures raised come from “fabricated fomo” and “insiders sending sol that they’ll eventually get back.”

Despite raising millions in SOL, the presale meta trend left investors with nothing. As the investigator highlights, many of the presales on his list have seen a “hard rug” or the tokens’ momentum quickly fading after launch. As a result, the presale participants’ investments vanished or diminished considerably.

Moreover, scammers have taken their chance to profit off the presale frenzy. Phishing scams under the presale posts have skyrocketed, with impersonating accounts trying to drain investors’ wallets or collect whatever amount people meant to send to the presale addresses.

Members of the crypto community have expressed their concerns over the presale trend. Many crypto investors consider the trend might create memecoin fatigue, which could hurt the organic projects aiming for long-term stability.

SOL, SOLUSDT, solana memecoin, crypto

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Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

A new Solana-based memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects.

Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised $10 million during its presale and saw most of the token supply burned by accident.

Solana Memecoin Launch Sees Millions Gone

Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account announced it had successfully burned $10.8 million worth of SLERF.

For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked.

slerf, memecoin, sol

However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.”

The community quickly realized that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing.

“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the post read. He further explained that the mistake was a “simple mindless misclick” while burning the LP.

It was further explained that after the first attempt to burn the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens.

The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants.

From Sloths To Whales: Millions Made In 12 Minutes

Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain.

The blockchain research platform revealed that a whale wallet with over $32 million worth of SOL spent $606,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for $1.5 million in unrealized profits a couple of hours ago.

A different whale wallet spent 9,894 SOL (worth $1.98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around $5 million) and made over $3 million in profit.

However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest.  Many users believe these movements to be from “insiders” and not “lucky people.”

The Slerf creator guaranteed it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish.

Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them.

The SLERF pumped to $1.24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at $0.59 at writing time.

Sol, SOLUSDT, solana, Slerf, memecoin

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Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device’s Value

Solana (SOL) and its associated meme coin, Bonk (BONK), have witnessed remarkable surges in value, with SOL recording gains of over 71% and Bonk experiencing an astonishing 342% increase over the past 30 days. 

The positive growth within the Solana ecosystem has resulted in a surge in demand for the flagship mobile device, Solana Saga. However, the Solana Mobile team recently addressed challenges in meeting the “overwhelming demand” and explained order cancellations and inventory management issues.

Solana Mobile Faces Inventory Mishap

Over the past month, SOL has seen a significant uptrend, inching closer to the $100 mark, a level not reached since April 2022. Additionally, Bonk has experienced an extraordinary surge reaching a trading value of $0.00001896.

Solana

Given these developments and the social buzz within the blockchain and its mobile device, the Solana Mobile team confirmed that their limited inventory of 20,000 devices worldwide has sold out, with both the US and EU markets experiencing high demand.

According to a recent statement on X (formerly Twitter), in the process of fulfilling orders, the Solana Mobile team encountered an “inventory management issue” with their third-party distributor. This issue resulted in an inaccurate representation of the available inventory.

Consequently, the team was unable to fulfill orders placed after the inventory was depleted. Additionally, orders suspected of suspicious activity, such as excessive device orders or payment risks, were flagged and subsequently canceled. 

According to the announcement, the objective behind these measures is to ensure that as many users as possible can enjoy the Solana Saga mobile device.

Customers affected by the order cancellations have been promptly notified, and they will receive refunds within the coming days. 

Solana’s DEX Volume Overtakes Ethereum And Arbitrum

The Solana ecosystem, together with its native token SOL, has recently achieved significant milestones. Notably, Solana’s 24-hour decentralized exchange (DEX) volume has exceeded that of Ethereum (ETH) and Arbitrum (ARB) combined, surpassing the $2 billion mark. 

Additionally, Solana has emerged as the third-largest altcoin (only behind BNB) by market capitalization. These achievements reflect the growing popularity and success of Solana within the cryptocurrency market.

According to Token Terminal data, SOL’s market cap (circulating) stands at $41.05 billion, reflecting a remarkable increase of 46.98%, flipping XRP’s market cap by over $7 billion.  

The revenue generated has also witnessed substantial growth, with an 80.43% increase to $2.39 million. Furthermore, SOL’s fully diluted market cap has reached $54.31 billion, showcasing a significant rise of 45.60%.

The revenue generated on the Solana platform, when annualized, amounts to an impressive $29.13 million, signifying a substantial increase of 94.75%. 

Examining SOL’s financial ratios, the price-to-fully diluted ratio stands at 796.78x, indicating the market’s high expectations for future growth. However, this ratio has experienced a recent decrease of 19.3%. 

Solana

Featured image from Shutterstock, chart from TradingView.com

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Solana’s BONK Token Rockets To New Heights, Surging 121% On Binance Listing News

In an unexpected turn of events, the Solana-based memecoin Bonk (BONK) has experienced an extraordinary 1,000% monthly surge following its recent listings on major cryptocurrency exchanges. 

The momentum began with Coinbase’s listing, followed closely by Binance’s surprise announcement, propelling BONK to new heights and generating enthusiasm within the crypto community.

Astounding 1,000% Surge On Binance And Coinbase Listings

The listing on Binance proved to be a game-changer for BONK, as its price skyrocketed above $0.00003, marking an astounding increase of over 1,000% in just one month. The frenzy surrounding the memecoin became evident when a trader sold 52.3 billion BONK tokens, equivalent to approximately $927,000, and realized a staggering profit of around $784,000. 

According to Lookonchain, this trader had purchased 69 billion BONK at a price of approximately $0.0000021 and staked them from October 30 to November 29, reaping substantial returns from the meteoric rise of BONK.

Beyond the price surge, another noteworthy development has captured the attention of investors. The Solana community has witnessed a surge in the sales of Solana phones, driven by the recent price hike of Solana’s memecoin. 

Raj Gokal, the co-founder of Solana, shared in a December 15 post on X that Solana phone sales have increased by over 10 times within the past 48 hours and are now projected to sell out before the new year. Gokal stated:

Just so everyone is aware, Solana mobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.

Moreover, Richard Wu, co-founder of Tensor, Solana’s non-fungible token marketplace, expressed his astonishment, stating: “This is crazy. BONK saved Solana on Christmas 2022. BONK is saving the Solana Saga Phone on Christmas 2023.” 

Wu emphasized that, unlike other dog coins, Bonk has emerged as the savior of Solana, a battle-tested high-throughput Layer 1 blockchain. He further added, “It’s not just a meme anymore. This is religion.”

BONK Memecoin’s Impressive Surge Paired With Solana’s Growth

Based on the 1-hour chart for BONK, the memecoin has consistently reached new highs since the start of the current bull run on November 8. 

Notably, the token has surpassed significant moving averages, including the 200-day and 50-day MA. This is a positive indicator of the token’s potential, as there are currently no visible resistance levels unless a correction occurs.

It is worth noting that SOL has experienced a remarkable 443% uptrend year-to-date, along with significant ecosystem growth in recent months. This, combined with the ongoing memecoin frenzy, suggests that there may be no limits or boundaries for BONK’s upward trajectory.

BONK

Following the announcement of Binance’s listing, the token experienced a surge of 121%, which has been further complemented by gains observed in the past 24 hours. However, BONK’s current price stands at $0.00002888, representing a shortfall of over 30% from its recent highs.

The extent of BONK’s potential and the future patterns it will exhibit in its various time frames remain to be seen. These developments will provide further insights into the token’s future growth potential or possible corrections. However, the overall outlook for BONK appears promising for investors.

Featured image from Shutterstock, chart from TradingView.com 

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BONK Tumbles 66% – Can The ‘Dogecoin Killer’ Live Up To Its Name?

The previous 24 hours have been impressive for the cryptocurrency market, which is seeing a broad-based rebound on numerous fronts.

Despite this development, as evidenced by a combined crypto market valuation increase of 3.4% to $880 billion as of Thursday, Solana’s newly minted canine-centered memecoin BONK has experienced a huge price decline relative to its competitors.

As of writing, BONK is trading at $0.000000968754, and down a whopping 66% in the last seven days, data by Coingecko show. In the last 24 hours alone, BONK has lost 1.6% of its value.

BONK Succumbs To Bearish Pressure

Despite its initial success, the memecoin BONK has had a difficult go of it in the weeks following its launch. The token, which appeared out of nowhere and quickly rose to rank among the top 200 cryptocurrencies in terms of market value, was hit hard by a significant bearish trend around Thursday afternoon.

It has significantly outpaced the market since the beginning of the year, on the heels of a retail buy-up that pitted the dog-themed cryptocurrency against existing meme coin heavyweights Dogecoin (DOGE) and Shiba Inu (SHIB).

There have been claims of wealthy investors purchasing millions, if not billions, of the viral coin BONK during the past few of weeks. Consequently, Thursday’s drop is a shock to investors with high aspirations for the cryptocurrency.

This week, BONK became the latest meme token to attract the attention of traders with a huge 3,300% increase. Following that, the developers of the cryptocurrency burnt their remaining tokens, which represented 5% of the whole BONK cryptocurrency supply.

BONK

Dogecoin Rival Leans On Solana Community’s Support

BONK was introduced on December 25, 2022, and its price has since increased by a four-digit proportion. Additionally, the token dominated social trading platforms. Analysts attributed the new token’s success to the Solana community.

The token’s value has been struggling to bounce back from its 66% loss in the face of continued negative growth rate, which caused it to give up some of the gains it made over the previous weeks.

When we zoom in on BONK’s growth during the past two weeks, we see that it has increased by almost 1,000% throughout this period.

All of these occurrences have created a frenzy about the Solana-based token. They also increase the optimism of token holders that the crypto will gain credibility and cease to be a fad.

Nevertheless, as a result of the recent negative outburst, the fully diluted market capitalization has decreased by 32.61% to $102 million, while the 24-hour trading volume of the altcoin has grown by a staggering 200% to $36 million.

This is direct evidence that a substantial number of SOL whales are selling their BONK assets in order to generate large profits.

-Featured image by Decrypt