GameStop’s GME Token Surges 400% in a Day, Fueled by Keith Gill’s Influence

GameStop (GME), a meme coin built on the Solana blockchain, has shocked the crypto market with a staggering 400% surge in a single day, according to data from CoinMarketCap. This meteoric rise has captivated traders, investors, and the entire crypto community.

As of the latest data, the GME token is trading at $0.01143 per coin, representing a weekly surge of over 1600%. This surge has propelled GME's intraday market cap by an astonishing 380.98%, reaching $77,671,794, making it the 498th largest cryptocurrency by market cap. Additionally, the trading volume in the past 24 hours has seen a substantial increase, reaching $175,452,941, reflecting heightened interest from investors and traders.

GME/USD 24-Hour Chart (Source:CoinMarketCap)

Despite reaching its peak of $0.01402 two months ago, the token has receded by 20.18% from that high. However, it has witnessed an astounding ascent of 2692.06% from its recent lows recorded just 14 days ago on April 30.

TheRoaringKitty's Meme Sparks GameStop Frenzy: A Look at Market Movement

The surge in GME's valuation is attributed to Keith Gill, also known as TheRoaringKitty, who gained fame for his Reddit analysis of GameStop in 2019. On Sunday, he shared a meme depicting a gamer leaning forward, seemingly taking the game seriously. This meme, reminiscent of a similar event three years ago, created significant market movement as traders interpreted it as a signal to engage in trading. Consequently, GameStop's stock price surged by up to 100% when the market opened, prompting trading halts due to the excitement surrounding the rise.

Bullish Signals on GME's 1-Day Chart: Chaikin Money Flow and MACD Analysis

Technical analysis of the 1-day chart reveals bullish signs for GME. The Chaikin Money Flow index has experienced a sharp uptick, indicating a significant influx of money into the market and strong buying pressure. Similarly, the MACD indicator is moving upward, suggesting a positive trend in GME's moving averages and potential bullish momentum in the short term. Moreover, the MACD histogram chart shows widening green bars above the zero line, indicating strong buying pressure and a positive outlook for the GME token.

GME/USD 1-Day Chart (Source:Tradingview)