Solana
GameStop (GME) Inspired Memecoin on Solana Network Up Over 300%
After more than three years of deafening silence, a renowned stock market influencer aka Roaring Kitty on the X platform resurfaced on Monday. The popular influencer is best remembered for bringing together stock traders and short sales on GameStop Corp. Cl A (NYSE: GME) in 2021. As a result, GME stock rallied around 100% before getting trapped in a macro downtrend.
The stock influencer’s return Monday via an X post sparked a bullish rally in GME shares. According to the latest stock market data, GME shares soared almost 100% in the past 24 hours to trade around $36.9 before trading halted.
The Rise of GameStop-Inspired Coins
With trading of GameStop shares on traditional exchanges temporarily halted, the developers of Solana (SOl) who created the meme coin dubbed GameStop (GME) have attracted a lot of attention. The GME meme coin rose over 300% in the past 24 hours to trade around $0.0126 on Tuesday during the London session.
The small-cap meme coin has robust bullish sentiment as its daily average trading volume is more than double its market cap, suggesting strong demand. According to market data provided by Binance-backed Coinmarketcap, the GME meme coin had a fully diluted valuation of around $87 million and a 24-hour average trading volume of around $176 million.
Similar trend
The rise in GameStock shares has influenced the development of meme coins on many other chains led by the Coinbase Global-backed core network. According to market data provided by CoingeckoThe price of GME on the basenet rose almost 500% over the past week to trade around $0.0379 on Tuesday.