Skibidi Toilet Coin Surges 80% After Congressional Mention

Solana-based meme coin Skibidi Toilet ($SKBDI) experienced an 80% surge in value following an unexpected mention during a U.S. congressional hearing. The token gained significant attention when Representative Brad Sherman referenced it during a House Financial Services Committee meeting focused on crypto regulation. Sherman cited a list of cryptocurrencies, including Bitcoin, Ethereum, Trump Coin, Mongoose Coin, and Skibidi Toilet Coin, while presenting a bill aimed at allowing unrestricted government purchases of digital assets.

The mention immediately captured the interest of traders, propelling $SKBDI from relative obscurity to the forefront of market attention. Within hours of the hearing, $SKBDI's price jumped to $0.051876, increasing its market capitalization to approximately $3.63 million. The sudden surge in trading volume, which hit $772,084 in the past 24 hours, marked a 62% increase from the previous day.

Launched in late 2023, Skibidi Toilet is part of a wave of viral meme coins operating on the Solana blockchain. Inspired by the internet sensation "Skibidi Toilet," an animated series with over 65 billion views, the token has no official use case beyond meme culture and community engagement. Despite this, $SKBDI has seen significant gains, currently trading nearly 190% above its all-time low, although it remains 95% below its peak of $1.03.

Other meme tokens mentioned in the hearing did not experience 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 sparked discussions about whether meme coin mania is poised for another resurgence.

While $SKBDI grabbed the spotlight after the congressional mention, the broader Solana ecosystem presents a more nuanced 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 has not spared Solana’s homegrown tokens from volatility. Several popular Solana-based meme coins, including FARTCOIN, POPCAT, and PENGU, have posted sharp weekly declines, shedding between 17% and 20%. This drop in memecoin prices comes amid a broader cool-off in decentralized exchange (DEX) activity, which could further pressure SOL’s price performance.

Despite these challenges, 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 fluctuations. 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 unpredictable power of social moments in crypto, as demonstrated by the $SKBDI surge, raises questions about the staying power of meme-driven assets and the broader implications for the crypto market.