On October 21, 2024, market data shows that Solana’s memecoin GIGA reached a record-high market capitalization of over $600 million, with the token price surging to $0.063—an impressive 27% increase in 24 hours. GIGA has also posted a 21.18% single-day rise, reflecting the growing momentum in the memecoin market.
GIGA, also known as Giga Chad, is inspired by a viral internet meme depicting a muscular, confident character—often referred to as a “Chad.” Built on the Solana blockchain, GIGA taps into the popularity of internet culture to foster a community-driven project around this meme.
Memecoin Market Trends and Whale Movements
The surge in GIGA is part of a broader memecoin bull run, with the total market capitalization of all memecoins nearly doubling in the past 30 days—from $31 billion to $59 billion. Despite this impressive growth, the memecoin market remains below its all-time high of $89 billion, set during the frenzy in 2021.
However, some key players are capitalizing on these price movements. One smart whale recently sold 22,726 SOL (worth $3.86 million) at a price peak just three hours ago, securing a significant profit. This particular whale is known for buying SOL at low prices and selling at highs, with total gains exceeding $2.5 million. They still hold 20,000 SOL (approximately $3.33 million), indicating that they remain engaged in the market.
A smart whale sold 22,726 $SOL($3.86M) at a price peak 3 hours ago.
This smart money always buys $SOL at low prices and sells at highs.
He currently holds 20,000 $SOL($3.33M), with a total profit of over $2.5M!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24
— Lookonchain (@lookonchain) October 21, 2024
In a similar move, another whale nicknamed the GOAT whale sold off a large portion of their holdings for a considerable profit. After purchasing 10.71 million GOAT tokens for 602.64 SOL, the whale sold 9.25 million GOAT for 19,669 SOL, realizing a staggering profit of 19,067 SOL (around $3.2 million), with a return of 32x on their investment. They continue to hold 1.46 million GOAT tokens (valued at approximately $506,000).
A $GOAT whale is selling $GOAT for profit!
This whale spent 602.64 $SOL to buy 10.71M $GOAT and sold 9.25M $GOAT for 19,669 $SOL, with a realized profit of 19,067 $SOL($3.2M) and a return of 32x.
He still holds 1.46M $GOAT($506K).https://t.co/NlX8ItvNTc pic.twitter.com/592Y19J36f
— Lookonchain (@lookonchain) October 21, 2024
Will the Memecoin Bull Run End?
The rapid growth in the memecoin sector, combined with these strategic sell-offs by large holders, raises the question of whether this bull run can sustain itself.
While some whales are beginning to cash out profits, the overall market remains strong, with considerable interest from retail and institutional investors alike. However, as history shows, the volatility in the memecoin space means the trend could shift abruptly.
