The price of GameStop's GME meme coin on the Solana blockchain has experienced an extraordinary surge of over 300% within the last 24 hours. While the exact reason behind this surge remains speculative, it coincides with a recent social media post by Keith Gill, also known as "Roaring Kitty," a prominent figure in the world of meme stocks and cryptocurrencies.
Gill, renowned for his involvement in the 2021 GameStop short squeeze, appears to have once again played a pivotal role in driving significant price movement for GME tokens. His recent social media post seems to have ignited a buying frenzy for GME, leading to the substantial price increase.
In early trading on Monday, GME surged from $0.0038 to intraday highs of $0.015, marking a nearly fivefold increase in price. GME coin on Solana serves as a meme token commemorating the 2021 short squeeze of GameStop. Presently, GME is trading at approximately $0.0127, reflecting a 225% surge in the last 24 hours.
Trading volumes have also witnessed a significant surge, rising by 1,292% to over $271.8 million within the same timeframe, indicating heightened market activity. On-chain analytics firm Lookonchain reported notable trading activity, including a smart trader who capitalized on the price jump to realize substantial profits.
Gill's return to social media discussions, approximately three years after the GameStop events and the WallStreetBets subreddit shutdown, has had an immediate and profound impact. This resurgence has correlated with a significant surge in the value of GME meme coin on Solana.
Notably, GME has rallied by an impressive 2,118% in the last 30 days and recorded a 240% increase in the last seven days, according to Google Finance data.
GME/USD, 1-month chart Source: Google Finance
While the surge in GME meme coin value reflects heightened investor interest, it also underscores the volatile and speculative nature of meme tokens, potentially exposing investors to increased market risks and uncertainties.
Memecoins, like GME and others, ride on hype and social media buzz, skyrocketing in value but often lacking real-world use, leading to scams and massive losses for investors. While some see memecoins as a gateway to crypto, others warn of manipulation and regulatory challenges, urging for balanced regulation to protect investors.
AnaisGameStop (GME), a meme coin on Solana, skyrockets 400% in a day to $0.01143, with a $77.7M market cap. Weekly surge exceeds 1600%, fueled by heightened trading volume. Keith Gill's meme triggers the surge, reminiscent of his 2019 GameStop analysis. Bullish signs in technical analysis indicate strong buying pressure and potential short-term momentum.
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