U.S. Hearing Shoutout Sends Solana Memecoin $SKBDI Soaring 80% – Is Meme Coin Mania Back for Crypto?

Solana-based meme coin Skibidi Toilet ($SKBDI) surged 80% after receiving an unexpected mention during a U.S. congressional hearing.

The token briefly stole the spotlight when Representative Brad Sherman referenced it in a House Financial Services Committee meeting on crypto regulation.

Congressman Sparks Meme Coin Frenzy with Shoutout to Skibidi Toilet

While presenting a bill designed to allow unrestricted government purchases of digital assets, Sherman cited a list of cryptocurrencies, including Bitcoin, Ethereum, Trump Coin, Mongoose Coin, and Skibidi Toilet Coin.

The comment immediately caught the attention of traders, sending $SKBDI skyrocketing from obscurity into the limelight.

Within hours of the hearing, $SKBDI jumped 80% to a price of $0.051876, lifting its market cap to around $3.63 million, according to CoinGecko.

Trading volume spiked as well, hitting $772,084 in the past 24 hours, a 62% increase from the day before.

Launched in late 2023, Skibidi Toilet is part of a wave of viral meme coins running on the Solana blockchain.

It’s inspired by the internet sensation “Skibidi Toilet,” a surreal animated series featuring human-headed toilets locked in battle with humanoid camera- and speaker-headed enemies.

The bizarre series has racked up more than 65 billion views online, mostly on YouTube.

Though the token has no official use case beyond meme culture and community engagement, that hasn’t stopped it from gaining traction. $SKBDI is currently trading nearly 190% above its all-time low, but still 95% below its $1.03 peak.

Other meme tokens mentioned in the hearing didn’t enjoy the same rally. Trump Coin fell 4.3% to $10.94, while Mongoose Coin dropped 1.9% to $0.0161.

The sudden spotlight on Skibidi Toilet Coin has raised questions about whether meme coin mania is ready for another run.

Solana Cools After Meme Surge, But Network Growth Remains Steady

While $SKBDI grabbed the spotlight after the Fed meeting shoutout, the broader Solana ecosystem is showing a more complex picture.

Solana’s native token, SOL, is currently trading at $154, down 10% since rejecting the $185 resistance level on May 23.

Daily trading volume has also dipped nearly 20%, raising questions about short-term momentum and the potential for a retest of the $142 support zone.

Memecoin enthusiasm hasn’t spared Solana’s homegrown tokens from volatility.

For example, several popular Solana-based memes have posted sharp weekly declines; FARTCOIN, POPCAT, and PENGU have shed between 17% and 20%.

The drop in memecoin prices comes amid a broader cool-off in DEX activity, which could further pressure SOL’s price performance.

Still, not all signs are bearish. Solana’s total value locked (TVL) has climbed to $11 billion, marking a 14% increase over the past month.

Platforms like Raydium and Marinade have led the way with 48% and 28% growth, respectively, showing continued builder momentum despite market chop.

However, ongoing concerns around validator incentives tied to MEV (maximum extractable value) continue to cast a shadow.

Researchers, including Paradigm’s Dan Robinson, warn that MEV on Solana, facilitated by its high throughput, may harm regular users via practices like sandwich attacks and front-running.

For now, meme mania may be back, but Solana still has its own structural battles to face.

The post U.S. Hearing Shoutout Sends Solana Memecoin $SKBDI Soaring 80% – Is Meme Coin Mania Back for Crypto? appeared first on Cryptonews.

Credit: Source link