- Keith Gill, aka “Roaring Kitty,” had a huge impact on the meme stock community with only one tweet.
- On a few days last week, Solana’s revenue exceeded 60% of Ethereum’s, which is a considerable amount.
The reappearance of “Roaring Kitty,” a well-known Reddit member on r/WallStreetBets who contributed to the 2021 joke stock craze, gave memecoin excitement a further boost last week.
The account’s owner, Keith Gill, returned to X and made his first post on his dormant account since June 2021. The popular meme of a video game player leaning forward in his chair—which is occasionally used to indicate that things are about to become serious—was all that was posted; no text.
The meme stock community was greatly impacted by the tweet alone. Due to extreme volatility, GameStop and AMC shares saw multiple halts last week. Before it was forced to enter a trading pause, GME surged by more than 100% following the tweet.
Gill was the face of a stock market-focused surge, but his return resonated with the on-chain meme community as well.
For example, the GME memecoin (which is unrelated to the firm, it only shares the same ticker) surged 460% on Tuesday on Solana SOL -3.60%. It also didn’t have to cope with any annoying stops to trading.
Solana is the network that has one of the most vibrant memecoin communities, as we have reported over the previous few months. Due to its low costs, it is a desirable choice for traders, which has helped it gather a sizable user base and token listings.
The introduction of pump.fun, which attempts to streamline the token deployment procedure, has been beneficial to Solana. The day after Roaring Kitty’s post, on May 14, Pump.fun’s revenue reached its peak at $1.23 million as many individuals attempted to produce the next big token in light of the previous meme coin draw.
Last week, a former employee of Pump.fun stole $1.9 million by taking advantage of both a flash loan and unauthorized access to withdraw authority. Pump.fun has reopened and is now offering free trading in the week following the incident, despite having to briefly halt trade.
The total number of fees paid on Solana is still less than it was in mid-to-late March, when Solana-based meme coins were truly at the height of their popularity, even with the meme coin comeback.
However, fees for the network remain high, with an average daily transaction cost of $1 million on Solana—a far cry from the $50,000 paid in early 2023.
However, Ethereum has experienced a significant decline in block demand, leading to some of the lowest overall fees paid on the network we’ve seen in a while, while Solana has managed to maintain its high utilization regime.
It used to be customary practice for $4 million in fees to be paid before using Ethereum; however, this is no longer the case.
This has made it possible for the fee ratio on Solana to surpass that of Ethereum and set a new record. On a few days last week, Solana’s revenue exceeded 60% of Ethereum’s. This represents a sizable share, particularly when contrasted with the ratio’s fractions of a percent until the end of last year.
It only serves to highlight Solana’s growing dominance as it works to restore its standing as a quick and affordable substitute for products that came before it in a post-FTX environment.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
