As of 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. This surge underscores the growing momentum in the memecoin market.

Growth of Memecoin GIGA

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.

Meanwhile, 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, securing a significant profit. This 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).

Future of Memecoins: Will the 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.

The memecoin sector continues to experience significant activity, but whether the current trend will persist remains to be seen. Market participants are closely monitoring developments, weighing potential risks and opportunities.