According to Onchain data, a trader made significant purchases and sales on the Solana network in the company's memecoin imitation, which is on the agenda today.
This token is a memecoin that has the same name as GameStop shares traded in the United States, but has no connection to the company.
Today, GameStop shares in the USA showed an incredible rise. The reason for the rise was that Keith Gill, nicknamed Roaring Kitty, one of the architects of the short squeeze on GameStop shares in 2021, returned to Twitter.
As GameStop shares rose, the memecoin called GME also recorded significant increases. GME price has climbed 1365% in the last 24 hours.
During this rise, a trader bought GME with SOL coin for $ 65 thousand after Roaring Kitty's Twitter account became active. Then, 14 hours later, he sold them for 336 thousand dollars. So this trader earned $271 thousand in just 14 hours.
On the other hand, a second whale wallet was caught by the FOMO effect of the increase in the GME token 3 months ago and bought a large amount of GME tokens by paying 408 thousand dollars. Even though the price of GME has fallen more than 90% since then, this whale never sold his assets. Today, thanks to the re-emergence of Roaring Kitty, it has compensated for its losses and has an unrealized profit of 282 thousand dollars at the time of writing this article.
However, many new memecoins emerged after their rise in GameStop. Another altcoin named GME has appeared on the Ethereum network this time. Cryptocurrency analysis platform Lookonchain, in its statement about this altcoin, found that someone who was previously aware of the project bought 34% of the total supply of the token with 17.7 thousand dollars. Analysts have warned that this whale has current assets of $1.96 million and could make a dump.
*This is not investment advice.