Meme Coin GME Inspired by GameStop Rises 1,900% on Solana

The recent fervor in the cryptocurrency market has brought surprises, especially in the meme token sector. One of these, inspired by GameStop and operating on the Solana blockchain, recorded an impressive 1,900% increase in just 24 hours. This token, which adopts the GME symbol of the game retailer, reached a market value of US$68 million, priced at around US$0.01 per unit.

This token was launched in January this year, in a turbulent period after GameStop announced its exit from the cryptocurrency space and closed its NFT market, which began in 2022. These meme tokens, which often emerge amid popular trends and are created by anonymous developers, run the risk of being abandoned by creators, leaving investors with assets of questionable value.

The GME token has had a remarkable ups and downs trajectory. After peaking at $0.0135 in early February, it faced a significant decline, trading around $0.0005 before the recent surge in appreciation. Despite the recent increase, it is still 26% below its highest recorded value.

The excitement wasn’t limited to cryptocurrencies. GameStop’s share price saw similar appreciation, doubling from Friday’s close to Monday’s open, with trading in these shares halted nine times due to high volatility. This phenomenon is similar to that observed in early 2021, when Keith Gill, known as Roaring Kitty or DeepFuckingValue, catalyzed a significant increase in the price of GameStop shares, encouraging massive buying through his posts on Reddit. The repercussions of this movement were also felt in other shares, such as AMC and the Reddit platform, which also registered significant increases.

A new chapter appears to be unfolding in the saga of meme stocks and tokens, marked by a tweet from Gill, his first post in nearly three years, that potentially signals a revival of interest in these volatile and highly speculative assets.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.