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Is the meme stock craze making a comeback? GameStop’s stock price doubled between Friday’s close and Monday’s open, with GME trading already paused nine times due to volatility. And a GameStop-themed meme piece on Solana also reaps the rewards.
The “GameStop” token on Solana, which also uses the ticker GME, saw its price jump 1,900% in the last 24 hours, according to data from DexScreener, at a current price of around $0.01. This gives GME a current market cap of $68 million.
GME on Solana, which is an unofficial coin created as a tribute to the company, launched in January shortly after the gaming retailer announced it would do so. withdraw from the crypto worldclosing his NFT market launched in 2022.
As most parts same, GME had a short and extremely volatile moment in the spotlight. Meme coins are often created based on Internet memes and pop culture trends, but they are also often created by anonymous developers and can be “fired” or have liquidity drained, leaving buyers with a nearly worthless token .
The GME token reached a high price of $0.0135 in early February, and swung up and down for weeks before finally running out of steam and sinking lower and lower. The price of GME had barely moved in weeks and was trading at around $0.0005 just before the latest surge.
The unofficial GameStop token still remains down about 26% from its all-time high price, but it is closer to that mark than it has been in three months. And the roughly 1,900% jump over 24 hours is much higher than that of GameStop’s actual stock price.
Stock trader Keith Gill, aka Roaring Kitty and DeepFuckingValue, contributed to a huge run-up in GameStop’s stock price in early 2021 via Reddit posts and livestreams, encouraging traders to buy and hold the shares diminished by the retail giant. The trend later spread to other nostalgic and beleaguered brands, like the AMC movie theater chain.
The initial enthusiasm finally died down, but a revival seems to be looming following a Post to Twitter (aka X) from Gill on Sunday – the first in almost three years. GME more than doubled from its Friday closing price, while AMC jumped 37%. Adjacent stocks like Reddit (up 9%) and Robinhood (up 6%) are also rising alongside them.
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