Hey there, crypto enthusiasts! If you’ve been keeping an eye on the meme token scene, you’ve probably heard some buzz around Graphite Protocol ($GP). This Solana-based project is making waves, and a recent update from Connorr° on X gives us a juicy peek into what’s happening. Let’s break it down in a way that’s easy to digest, even if you’re new to the crypto game!

What’s the Latest with $GP?

On July 23, 2025, Connorr° dropped an exciting update about $GP. The big news? The percentage of @bonk_fun revenue allocated to buybacks and burns has ticked up from 7.6% to 7.67%. For those unfamiliar, a buyback and burn is a strategy where a project uses its profits to repurchase its tokens from the market and then “burn” them—essentially removing them from circulation. This can help reduce supply, potentially driving up the token’s value over time. Pretty clever, right?

Just yesterday, that 7.67% chunk translated to a whopping 793 SOL, which is about $152,767 at current rates. That’s a solid amount of firepower being put back into the ecosystem! Currently, $GP boasts a market cap of $125 million and a fully diluted valuation (FDV) of $257 million. Connorr° is hyping it up as “still free,” suggesting there’s room for growth—something that’s got the community buzzing.

Diving into the Charts

The tweet comes with some eye-catching charts. Check this out:

This chart shows the cumulative data for the $GP reserve, which hit 15,166.52 SOL by July 22 at 12:01:40 PM. The total SOL across all categories matches this figure, indicating a steady accumulation. Then, there’s an update:

By July 23 at 2:04:00 PM, the reserve grew to 15,959.95 SOL. That’s a nice jump, reflecting the recent revenue allocation at work. These visuals give us a clear picture of how $GP is stacking up its reserves, which could be a sign of strong fundamentals.

Why the Hype?

So, what’s driving the excitement? For one, the buyback and burn mechanism is a favorite in the meme token world because it creates a sense of scarcity. Less supply can mean higher prices if demand holds steady—or grows. Plus, with $GP tied to the Solana ecosystem, it benefits from the network’s speed and low costs, making it attractive to developers and investors alike.

The community response is telling too. Replies from users like Ravers suggest $GP could be undervalued, with some math pointing to a potential price of $15—way above its current $4.12 per CoinMarketCap data. Others, like LolaSolBunny, are adding a fun vibe with memes, while quintopug highlights a growing holder base of 9,312. That’s a 10.30% increase in just four hours—talk about momentum!

What Does This Mean for You?

If you’re into meme tokens or looking to dip your toes into the crypto waters, $GP might be worth watching. The combination of a solid buyback strategy, a growing reserve, and community enthusiasm could signal a breakout moment. However, as with any investment, it’s smart to do your homework. The market cap is still relatively modest compared to giants, so there’s potential—but also risk.

Keep an eye on meme-insider.com for more updates on $GP and other meme tokens. We’re here to help you navigate this wild world of blockchain with the latest insights and a rich knowledge base. What do you think—ready to jump on the $GP train, or still on the fence? Drop your thoughts in the comments!