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The Rise of Solana-Based Meme Coins
The return of Keith Gill, a key figure in GameStop’s stock rally in 2021, has sparked a surge in Solana-based meme coins through the pump.fun protocol. Tokens such as GME Stonks, GameOver, and KiethGillWifHat emerged after Gill, also known as Roaring Kitty, posted a meme on Twitter after years of being out of the spotlight.
The Pump.Fun Protocol’s Role
The pump.fun protocol allows users to launch a meme coin for just 0.02 SOL ($3), leading to a record-setting day of token deployments. Following Gill’s tweet, 14,500 meme coins were created through pump.fun, setting a new benchmark according to a Dune dashboard. The trend continued with over 7,400 additional tokens launched the next day.
On social media, pump.fun hinted at the surge in cat-themed tokens inspired by Gill’s moniker, acknowledging both the positive and negative sides of meme coins, including the risk of value crashes due to “rug pulls.” The team even invited Gill to participate in a coin launch, showcasing the impact of influential figures on token creation.
Explosive Growth and Revenue Figures
Since its launch in January, pump.fun has deployed over 512,000 tokens on the Solana network, generating approximately 127,000 SOL or $19 million in revenues from gas fees. Developers drew inspiration from Gill’s online presence, with tokens like Roaring Wolverine surfacing after videos he posted, albeit some experiencing early crashes.
The GameStop Connection
Gill, who gained fame for rallying traders against Wall Street in 2020 through GameStop, resurfaced recently, causing a surge in the meme stock’s price and leading to trading halts. Solana-based tokens referencing GameStop’s ticker also saw sharp increases, showcasing the enduring influence of meme stock trends in the cryptocurrency space.
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