What’s next for Solana memecoins as GameStop causes historic surge?

  • GME led the Solana memecoins gainers chart.
  • dogwifhat and Popcat were other assets that saw significant price increases.

Solana memecoins experienced a recent surge, largely fueled by a single post. Among them, the GameStop token [GME] took the lead in driving the uptrend despite previously exhibiting a stagnant performance.

Other memecoins on the Solana [SOL] network, such as dogwifhat [WIF], Bonk [BONK], and Popcat [POPCAT] have also benefited from the positive trends currently observed in SOL memecoins.

Roaring Kitty sets Solana memecoins rolling

A post made by the social media account “Roaring Kitty” on the 13th of May triggered notable movements in Solana memecoins.

“Roaring Kitty” is the account of Keith Gill, a trader whose videos have previously influenced spikes in memecoin values, particularly in GameStop (GME).

How GME reacted

AMBCrypto’s analysis of the GameStop (GME) price movement revealed a significant surge on the 13th of May. The GME value skyrocketed by over 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 the analysis. As of this writing, it was trading at around $0.01, indicating a further increase of over 20%.

Also, the Relative Strength Index (RSI) indicated a strong bear trend, with the RSI over 80, signaling an overbought condition.

GameStop price trend

Source: TradingView

Despite the surge, sustaining momentum might require further increases in volume. Nevertheless, GME emerged as the highest gainer among Solana memecoins within the last 24 hours.

Popcat and dogwifhat share the memecoin uptrend

Analysis of the Solana memecoins rankings revealed that Popcat was another notable gainer in the past 24 hours.

Popcat’s chart indicated a gain of over 16.5% on the 13th of May, with its trading price reaching around $0.48. As of this writing, it was trading at almost $0.5, marking a further increase of over 3%.

Similar to GME, Popcat’s Relative Strength Index (RSI) suggested a bull trend.

Popcat price trendPopcat price trend

Source: TradingView

Meanwhile, dogwifhat also experienced gains, although less substantial than GME and Popcat. On 13th May, dogwifhat recorded a gain of over 1%, trading at around $3. Presently, it was trading at slightly over $3, reflecting an increase of over 2%. Despite its smaller gains, Dogwifhat remained the largest Solana memecoin with a market capitalization exceeding $3 billion.

dogwifhat price trenddogwifhat price trend

Source: TradingView

What next for Solana’s memecoins?

Roaring Kitty’s recent post ignited interest in GME and other Solana memecoins. However, the next moves for these coins cannot be predicted with certainty, as Roaring Kitty’s activity appears ongoing.

Read Solana’s [SOL] Price Prediction 2024-25

Should Roaring Kitty post any positive updates related to GME, other memecoins may experience another uptrend.

The unfolding events over the remainder of the week will be intriguing to observe, as they may shed further light on the trajectory of these memecoins.

Next: A look at Bitcoin’s rally to $63K and the effect on market demand

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