- Video game giant GameStop’s shares ink 25% gains in Asian trading hours.
- Solana’s Dogwifhat & Bonk put together a $3.59B volume on Derivatives.
- GME stock-inspired rally escalated since Roaring Kitty’s reappearance.
Crypto’s most popular canine tokens started off the day by picking up double-digit gains, as the Asian stock markets provided a substantial boost for Floki (FLOKI), Dogwifhat (WIF), and Bonk (BONK). Most of the dog-themed cryptocurrencies in the TOP 100 by global market cap surged over 10% in the latest 24-hour window, while the largest meme coin, Dogecoin (DOGE), recorded smaller gains due to rejection at the $0.17 resistance levels.
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Meanwhile, GameStop whipped up 25.16% gains in the pre-market hours, now standing at $23.78. Tacking on GameStop’s (GME) stock upswing, Solana-based WIF led the pack with a rise above $4, a price milestone unseen since April 9, 2024, for Solana’s fashionable meme coin.
Solana’s BONK inked 10.2% gains during the same time frame, building up to a new all-time high. BONK tacked on $0.00004387 as the daily peak in the ongoing GameStop-infused meme coin rally, getting very close to the all-time peak of $0.00004547, claimed on March 4, 2024.
Which Canine Crypto Champions in Trading Demand?
Whilst most dog-themed coins are no strangers to extreme price fluctuations, some dog-themed coins emerged in market depth since inception, mostly due to high demand in both Spot and Derivatives markets. While Shiba Inu (SHIB) and DOGE are undoubtedly the two top dogs by market liquidity, Solana’s coins have continuously made it to the trading spotlight this year.
For example, WIF’s Derivatives trading volume soared to $2.6 billion over the past 24 hours, signaling a 39.66% hike in this metric since yesterday. This has pushed WIF’s Open Interest (OI) to $534.54 million, while BONK has also reclaimed a healthy OI rate at $505.56M.
In crypto, OI counts the total number of outstanding derivative positions for a digital asset, assessing its popularity in Derivatives markets. In comparison to SOL’s meme coins, SHIB and FLOKI trail by this metric, recording $138.42 million and $155.21 million in OI, respectively.
On The Flipside
- Most mid-to-large market cap meme coins also soared over 30% on 14 May 2024, when Keith Gill used his Roaring Kitty X account for the first time in three years.
- Roaring Kitty is known to be the centerpiece of the infamous 2021 GameStop short squeeze, which boosted GME stocks by over 1,000% in a month.
Why This Matters
Back in 2021, the GameStop short squeeze profoundly changed the meme coin game, as the two largest meme assets, Shiba Inu and Dogecoin, both hit their all-time peaks.
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