GIGA, also referred to as Giga Chad, is impressed by a viral web meme depicting a muscular, assured character—sometimes called a “Chad.” Built on the Solana blockchain, GIGA faucets into the recognition of web tradition to foster a community-driven mission round this meme.
Memecoin Market Trends and Whale Movements
The surge in GIGA is a part of a broader memecoin bull run, with the overall market capitalization of all memecoins practically doubling up to now 30 days—from $31 billion to $59 billion. Despite this spectacular development, the memecoin market stays beneath its all-time excessive of $89 billion, set through the frenzy in 2021.
However, some key gamers are capitalizing on these worth actions. One good whale just lately bought 22,726 SOL (price $3.86 million) at a worth peak simply three hours in the past, securing a big revenue. This explicit whale is understood for getting SOL at low costs and promoting at highs, with complete good points exceeding $2.5 million. They nonetheless maintain 20,000 SOL (roughly $3.33 million), indicating that they continue to be engaged out there.
A sensible whale bought 22,726 $SOL($3.86M) at a worth peak 3 hours in the past.
This good cash at all times buys $SOL at low costs and sells at highs.
He at the moment holds 20,000 $SOL($3.33M), with a complete revenue of over $2.5M! pic.twitter.com/n3AbKFpf24
— Lookonchain (@lookonchain) October 21, 2024
In the same transfer, one other whale nicknamed the GOAT whale bought off a big portion of their holdings for a substantial revenue. After buying 10.71 million GOAT tokens for 602.64 SOL, the whale bought 9.25 million GOAT for 19,669 SOL, realizing a staggering revenue of 19,067 SOL (round $3.2 million), with a return of 32x on their funding. They proceed to carry 1.46 million GOAT tokens (valued at roughly $506,000).
A $GOAT whale is promoting $GOAT for revenue!
This whale spent 602.64 $SOL to purchase 10.71M $GOAT and bought 9.25M $GOAT for 19,669 $SOL, with a realized revenue of 19,067 $SOL($3.2M) and a return of 32x.
He nonetheless holds 1.46M $GOAT($506K). pic.twitter.com/592Y19J36f
— Lookonchain (@lookonchain) October 21, 2024
Will the Memecoin Bull Run End?
The speedy development within the memecoin sector, mixed with these strategic sell-offs by giant holders, raises the query of whether or not this bull run can maintain itself.
While some whales are starting to money out earnings, the general market stays robust, with appreciable curiosity from retail and institutional traders alike. However, as historical past reveals, the volatility within the memecoin area means the pattern may shift abruptly.
