Memecoins
GME Memecoin Rises Over 460% After Keith Gill Returns
The memecoin GME, an unofficial digital currency that borrows GameStop’s stock ticker, has seen a dramatic rise in value, trading up more than 460% on Tuesday.
The price surge followed a triple-digit rally in GameStop shares after Keith Gill, known as @TheRoaringKitty, made his first social media post in nearly three years.
Gill and the WallStreetBets subreddit have been at the center of the 2021 meme stock frenzy that saw GameStop shares rise.
In stock markets, GameStop and AMC stock is on track to extend gains from the previous day. On the New York Stock Exchange, shares of the video game retailer were expected to open up 120%, while shares of the movie theater chain were set to rise 100%, according to TradingView data.
Other “meme stocks” were also set to open higher in a possible resurgence of the pandemic-era meme stock phenomenon.
The return of Keith Gill also spurred a surge Solana based meme coins via the pump.fun protocol. On Sunday, following Gill’s post, pump.fun saw its busiest day of deployments, with 14,500 different meme coins launched, setting a new record according to a Dune dashboard. Over 7,400 new tokens were created on Monday, continuing the trend.
Pump.fun allows users to flip a meme coin for just 0.02 SOL ($3). Following Gill’s post, a variety of tokens such as GME Stonks, GameOver, and KeithGillWifHat were created. These developments brought the total number of tokens distributed using the Solana protocol to 512,000 since pump.fun launched in January, generating approximately 127,000 SOL or $19 million in gas fees.
However, the volatile nature of meme coins It has its downsides. The pump.fun team recognized the risk of scams and invited Gill to participate in the trend, asking him if he was “interested in scamming” [his] follower with the flip of a coin.” Some tokens flipped in relation to Gill’s videoslike Roaring Wolverine, have already seen massive price fluctuations.