Tag Archives: Memecoin Mania

Bitcoin

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

GameStop, the online game retailer that took Wall Avenue by storm in 2021, has as soon as once more grow to be the speak of the city as its share value surges 100%. 

Fueling this rally is the return of the influential social media determine Keith Gill’s “Roaring Kitty.” After a protracted hiatus, Roaring Kitty’s current exercise on social platforms, together with a picture and video, has ignited pleasure amongst traders and triggered a renewed frenzy for GameStop’s meme inventory and the rising world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread consideration in 2021 when cash-rich traders pumped up the inventory market and wager in opposition to short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” performed a pivotal position within the meme inventory frenzy, driving shares like GameStop and AMC Leisure to surge over 1,000% by the top of the identical 12 months. 

Whereas some early traders reaped wealthy returns, hedge funds equivalent to Gabe Plotkin’s Melvin Capital Administration suffered vital losses, resulting in closures.

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In accordance to Bloomberg, brief sellers betting in opposition to GameStop initially loved good points within the 12 months’s first 4 months. Nonetheless, the unstable nature of meme shares rapidly erased these paper good points. Per the report, “skeptics” have been up an estimated $400 million from January to April earlier than slipping into the pink by Monday morning.

The proportion of GameStop shares bought brief relative to these accessible for buying and selling has remained at roughly 24%, a comparatively excessive stage for a typical firm however considerably decrease than the 140% ranges witnessed throughout the 2021 mania. 

As GameStop’s shares gained momentum, the associated fee to wager in opposition to the corporate elevated. Current information from S3 signifies borrowing prices exceeding a ten% annual financing charge vary.

Roaring Kitty’s Ripple Impact

Roaring Kitty’s affect prolonged past GameStop, as Wolverine-themed memecoins flooded numerous blockchains. In response to a social media put up that includes a video of Marvel superhero Wolverine, greater than 30 new tokens have been launched on platforms like Ethereum and Solana, as information by Dextools exhibits. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain skilled an astonishing 80% surge inside hours of its launch.

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Moreover, the memecoin market has witnessed a notable resurgence, with tokens equivalent to Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording vital good points, in accordance with CoinGecko information. 

For example, PEPE, the market chief, surged by 15% up to now 24 hours, complementing its 20% uptrend over the earlier week. It reached a brand new excessive of $0.00001077 throughout early Monday buying and selling.

GameStop
The 1-D chart exhibits PEPE’s value surge. Supply: PEPEUSD on TradingView.com

Finally, GameStop’s meme inventory resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on brief sellers of the meme inventory on Monday. 

The impression of Roaring Kitty’s social media presence has prolonged to the memecoin market, with a number of Wolverine-themed tokens experiencing vital surges. 

Featured picture from Shutterstock, chart from TradingView.com

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8% Price Surge And Robust Double-Digit Growth In Key Metrics

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have skilled important good points and notable achievements within the first quarter (Q1) of 2024. 

In keeping with a complete efficiency evaluation performed by Messari, amid the rising crypto bull market, Fantom has emerged as one of many main beneficiaries, displaying important development in key metrics and market capitalization. 

FTM Market Cap Soars 101% QoQ

By the numbers, FTM’s circulating market capitalization noticed a considerable 101% quarter-over-quarter (QoQ) enhance, leaping from $1.3 billion to $2.6 billion, vaulting it up ten spots to forty eighth amongst all tokens (at present 58th). The token’s rally prolonged for 2 consecutive quarters, leading to a fourfold enhance for the reason that finish of Q3 2023.

Fantom’s circulating market cap and income throughout Q1. Supply: Messari

Though Fantom skilled a lower of 53% QoQ in income measured in FTM, amounting to 1.8 million FTM, income denominated in USD exhibited a 4% QoQ enhance, reaching $1.2 million. 

In keeping with Messari, the income decline was primarily resulting from decreased inscription exercise throughout all sensible contract platforms in Q1. 

Regardless of this, Fantom maintained an upward pattern in common each day transactions, excluding inscription-related exercise, surpassing the Q3 common and reaching 247,000 each day transactions. Every day lively addresses additionally rebounded, rising by 24% QoQ to 40,500.

In Q1, the staking requirement for Fantom validators was considerably decreased from 500,000 FTM to 50,000 FTM, aiming to extend accessibility. Nevertheless, the variety of lively validators remained unchanged at 55. 

Notably, the full quantity of FTM staked elevated by 17% QoQ, from 1.1 billion to 1.3 billion FTM, leading to a 135% QoQ surge within the complete greenback worth of staked FTM, reaching $1.2 billion. Amongst proof-of-stake (PoS) networks, Fantom ranked twenty second within the greenback worth of funds staked by the tip of Q1.

Memecoin Mania Boosts Fantom On-Chain Exercise

Throughout the 12 months’s first quarter, Whole Worth Locked (TVL) denominated in USD skilled a considerable 59% QoQ enhance, rising from $810.8 million in This autumn to $1.28 billion. 

Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s value appreciation.

Fantom’s common each day decentralized alternate (DEX) quantity surged by 64% QoQ, from $10.2 million to almost $176.8 million. In Q1, the “Memecoin Mania” pattern contributed to elevated on-chain exercise throughout numerous networks, together with Fantom.

Fantom
Fantom’s DEX quantity enhance. Supply: Messari

Fantom’s month-to-month DEX quantity surpassed $1 billion in March, marking the primary time since March 2023. The variety of DEXs on Fantom elevated to 31 by the tip of Q1, with no single DEX dominating greater than 30% of the market share.

Lastly, following an exploit within the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Basis took steps to extend the liquidity of stablecoins. 

As of Q1 2024, two impartial third-party bridging options, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC stays the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT additionally skilled appreciable development, with an 86% QoQ enhance.

Fantom
The 1-D chart exhibits FTM’s value enhance over the previous week. Supply: FTMUSD on TradingView.com

The FTM token is at present buying and selling at $0.7037, reflecting an 8.7% enhance in value over the previous seven days. Nevertheless, it has skilled a decline of almost 20% within the month-to-month time-frame.

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use data supplied on this web site fully at your personal danger.

Bitcoin

Solana Memecoin Hits $320T Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many buyers rating a house run or be out of the sport this cycle. Merchants are searching for new tasks that may very well be the following hit whereas the market enters a brand new re-accumulation part.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. Consequently, those that wished to make huge income primarily invested in newly launched tasks. Whereas some have made tens of millions by buying and selling the week’s high gainers, others have misplaced important quantities attempting to climb the ladder.

Solana-based memecoins have been the preferred, with some, like dogwifhat (WIF) and cat in a canine’s world (MEW), main the way in which. Nonetheless, not all tasks have achieved recognition and assist for these tokens.

A substantial variety of the Solana memecoins launched within the final two months have left buyers empty-handed. The most recent wrongdoer is the just lately launched Bonk Killer (BONKKILLER), which turned the most well liked matter on Monday for the flawed causes.

The token surpassed the $100 trillion market capitalization just a few hours after launching. Nonetheless, the explanation behind what might have been probably the most spectacular feat in crypto historical past is not any apart from a honeypot rip-off.

Bonk Killer's worth and market capitalization. Supply: Birdeye

As reported by SolanaFloor, the memecoin is a rip-off token that pulls buyers with high-profit potential however prevents them from promoting their holdings. Many realized they couldn’t transfer their tokens solely after the undertaking’s creator activated the “freeze authority.”

This motion allowed the creator to keep away from promoting the token, which skyrocketed the market capitalization metric to $328 trillion. In response to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap on the time of writing.

It’s price noting that the token isn’t backed by the quantity mirrored within the metric. As one X consumer pointed out, the token is nugatory if you happen to can’t promote it.

Half A Million Stolen By Memecoin Scammer

Sadly for buyers, the creator didn’t use the freezing authority to spice up the token’s market cap. The scammer took benefit of the perform and stole practically half 1,000,000 {dollars} in BONKKILLER and SOL tokens.

The creator, who holds round 90.8% of the whole provide, eliminated 30,500 BONKILLER and 1,561 SOL, price round $420,000. In response to Birdeye information, the token is valued at $32.81 as of This writing.

Even after the neighborhood’s warning, some buyers continued to purchase the undertaking. Within the final 12 hours, buyers have spent practically $40,000 on the token. As some X customers identified, the false market cap may be deceptive inexperienced buyers into shopping for the memecoin.

Though it’s not the primary rip-off of this sort, the growing price of latest launches turning fraudulent appears alarming. As reported by NewsBTC, $27 million vanished during the last month after 12 tasks have been deserted by their creators.

In the end, this incident highlights the significance of thoughtfully researching a undertaking’s background and thoroughly deciding whether or not the potential of huge good points outweighs the dangers.

Crypto market cap

Complete crypto market cap is at $2.18 trillion within the three-day chart. Supply: TOTAL on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site totally at your personal threat.