Compass Investments

Crypto vs. Dollar

📌 GameStop meme coins have taken over Solana, Pump.fun hits record high

The return of Keith Gill, who was heavily involved in GameStops 2021 stock price rise, has sparked a massive influx of Solana-based meme coins via the pump.fun protocol. Meme

– The return of Keith Gill, who was heavily involved in GameStop’s 2021 stock price rise, has sparked a massive influx of Solana-based meme coins via the pump.fun protocol.

GME Stonks, GameOver and KiethGillWifHat are the tokens launched via pump.fun in the last 24 hours after Gill (the financial analyst and investor also known as Roaring Kitty) posted a meme on Twitter, the first in years. This is just a small sampling of

Pump.fun, which allows you to issue meme coins for as little as 0.02 SOL (US$3), registered its busiest day on Sunday after Gill posted an image of a man sprawled out in a chair with a video game controller in his hand. According to the Dune panel, a total of 14,500 different coin-op memes were posted on pump.fun that day, which is a new record.

Apparently, Solana’s pace of issuing new tokens was maintained on Sunday, with data currently showing that over 7,400 tokens were created via pump.fun on Monday. On Twitter, the pump.fun account seemed to recognize the influx of gil and related cat-themed tokens, writing, “Today is a good day for cats, that’s for sure.”

The pump.fun team also recognizes the not-so-good sides of meme coins, such as the potential for volatile assets to plummet in value due to “rug pulling.” The pump.fun team asked Gil on Twitter if he would be interested in ‘gifting a coin launch to his subscribers? ‘ and actually suggested he do so.

Whether the anonymous developer added an image of Gill’s hat or used a misspelling of a popular word, the Gill and GameStop-themed coin launched on Monday, adding to the list of 512,000 tokens issued using the Solana protocol. pump.fun. Since fun was released in January, those launches have brought the protocol about 127,000 SOLs, or $19 million in token fees.

Some of the tokens created by Solana were inspired by a video released by Gill on Monday after the initial launch. For example, a token called Roaring Wolverine, which was based on the inclusion of Marvel superhero Wolverine, seems to have already crashed.

Earlier on Monday, the value of the coin and token meme skyrocketed after the first public online appearance in years of the figure that inspired the 2021 GameStop rally, Roaring Kitty, who helped galvanize the 2021 rally with posts on Reddit and live streaming. or DeepFuckingValue, Keith Gill posted an image on Twitter (aka X) of a man leaning forward in a chair and holding a video game controller. It was his first tweet in nearly three years. The post suggests that memes and cryptocurrency stocks could be on the rise again.

Gill is known for his frequent high-stakes posts on Reddit’s r/WallStreetBets forum; in 2020, Gill attracted thousands of traders to bet on one of Wall Street’s rarest stocks. However, after a historic “short squeeze” that saw GameStop’s share price soar to $483, this figure from a legend of the modern financial world has all but disappeared from the public eye.

Bitcoin

Bitcoin

$66,952.08

BTC 2.22%

Ethereum

Ethereum

$3,099.35

ETH 4.96%

Binance Coin

Binance Coin

$579.76

BNB 1.31%

XRP

XRP

$0.52

XRP 1.45%

Dogecoin

Dogecoin

$0.16

DOGE 3.11%

Cardano

Cardano

$0.48

ADA 4.93%

Solana

Solana

$170.23

SOL 4.85%