GameStop Meme Coin Skyrockets As Solana Experiences Significant Gains

Meme coins could be on the rise once more as GameStop recently saw its share price double between the period of when it closed on Friday and opened on Monday, prompting trading of GME to be paused nine times due to volatility. Additionally, a GameStop-themed meme coin on Solana is also seeing significant gains.

The Memes Have Risen

The GameStop token on Solana, using the GME ticker, has experienced a whopping 1,900% price surge over the past 24 hours, reaching approximately $0.01. This surge brings the GME market cap to $68 million. GME on Solana, an unofficial meme coin created as a tribute to the company, was launched in January shortly after GameStop announced it would no longer be partaking in the crypto world, closing its NFT marketplace that debuted in 2022.

Similar to many other meme coins, GME had a brief and highly volatile moment of attention. Meme coins are typically based on Internet memes and cultural trends, often developed by anonymous creators, and can sometimes result in investors losing value due to liquidity issues.

Roaring Kitty Gets Involved

The GME token reached a peak price of $0.0135 in early February but fluctuated for weeks before gradually declining. Prior to the recent surge, it was trading around $0.0005. Stock trader Keith Gill, known as Roaring Kitty, played a significant role in the surge of the GameStop shares in early 2021 through Reddit posts and livestreams, advocating for the purchase and holding of shares. This trend extended to other struggling brands like AMC.

Although the initial craze subsided, there seems to be a revival following a post on X by Gill on Sunday, which was also the first post he had made in nearly three years. Elsewhere, AMC saw a 37% increase, while adjacent stocks like Reddit and Robinhood are also experiencing substantial gains.