Solana
Solana’s GameStop (GME) Meme Coin Skyrockets 300%, Here’s Why
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The price of GameStop’s GME meme coin on the Blockchain Solana has seen an astonishing increase of over 300% in the last 24 hours. While the exact reason for this rise remains speculative, the huge gain coincides with a recent article published by a key figure in the world of meme stocks and cryptocurrencies: Keith Gill, better known as “Roaring Kitty.”
Gill, best known for his role in the 2021 GameStop short squeeze, has once again become the catalyst for a significant price movement for GME tokens. Recent sound job on social media appears to have sparked a buying frenzy for GME.
Early in Monday’s session, GME rose from a low of $0.0038 to an intraday high of $0.015, increasing its price nearly fivefold. GME coin on Solana is a meme token paying homage to the 2021 GameStop short squeeze.
At the time of writing, GME is trading at around $0.0127, up 225% in the last 24 hours. Trading volumes also increased significantly during this period, increasing by 1,292% to over $271.8 million, signaling an increase in market activity.
The increase in trading volumes comes as traders look to capture gains amid a massive price rise. On-chain analytics company Lookonchain reports This is the case of a “smart trader”, who often buys GME low and sells it high.
After the massive GME price surge, the smart trader sold 3.5 million GME at $0.01226 for 260 SOL, or $43,000. The trader still holds 108 million GME worth $1.5 million with a total profit of around $1.37 million, obviously waiting for the next big move in GME price.
On May 13, Gill began posting again approximately three years after the events surrounding the GameStop affair and the shutdown of the WallStreetBets subreddit. The impact of his return was immediate and profound, with the value of the GME meme coin on Solana subsequently climbing.
Notably, GME is up 2,118% over the past 30 days and 240% over the past seven days, according to CoinGecko data.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.