Solana
GameStop (GME) Meme Coin Up 300% as Network Ramp Continues
The meme coin market continues to find massive competitors based on the Solana blockchain, such as its GameStop (GME) the token surged up to 300%. Indeed, the network’s rise throughout 2024 has only grown stronger thanks to the positive performance of its coin offerings even during the first five months of the year.
The GME token has benefited from the ongoing GameStop stock saga, with the video game retail store nearly doubling in pre-market trading. The performance was linked to the return of Roaring kitten on Reddit, with Keith Gill urging resurgent support for the movement he first launched in 2021.
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Solana Network Continues to Grow as GME Rises 300%
Throughout this year, the Solana network has been one of the most interesting stories in the digital asset sector. More specifically, blockchain has become a serious competitor to Ethereum. Its meme coin offerings were at the center of the market’s obsession with the assets in March of this year.
This has not stopped, as Solana continues its rise thanks to the meme coin GameStop (GME) which surged as much as 300% on Monday. Indeed, the token also saw a 1,400% increase in its trading volume in the last 24 hours alone, according to CoinMarketCap.
The buying frenzy is closely linked to Roaring Kitty and the stock development for GameStop. Keith Gill was the first to prompt short selling of the company in 2021. Currently, the GME token is trading at $0.008995 and is quickly approaching its all-time high of $0.015.
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LookonChannel noted the continued increase in volume since Roaring Kitty returned to Reddit for the first time in years. Additionally, they refer to a “smart trader” who sold 3.5 million GME for 260 SOL, or $43,000. Additionally, they note that he still holds over 100 million GME with a profit of $1.3 million.
Conversely, the performance of the Gamestop-based meme coin is certainly positive news for Solana. At times this year, the network has beat Ethereum in DEX volume. Additionally, GME joins assets like Dogwifhat (WIF) and Book of Meme (BOME) as major competitors in the coin industry.