- The GME meme coin on the Solana blockchain has recently experienced a remarkable spike, climbing over 300% in just 24 hours.
- This considerable rise follows a social media post by Keith Gill, famously known as “Roaring Kitty.”
- Early trading saw GME surge from lows of $0.0038 to highs of $0.015, reflecting the cryptocurrency’s volatile nature.
GME meme coin experiences massive 300% surge following social media post by Keith Gill, causing a stir in the crypto community.
Keith Gill’s Influence: Catalyst for GME’s Price Surge
Keith Gill, also known as “Roaring Kitty,” has once again made waves in the world of meme stocks and cryptocurrencies. Known for his pivotal role in the 2021 GameStop short squeeze, Gill posted a tweet that triggered a significant buying frenzy, resulting in a drastic price increase for the GME token on the Solana blockchain. This post coincided with GME’s jump from $0.0038 to $0.015 in early trading, highlighting the powerful influence social media can have on cryptocurrency prices.
Market Reaction and Trading Volume Surge
In the 24 hours following Gill’s post, GME trading volume surged by 1,292%, reaching over $271.8 million. This increase in trading volume indicates heightened market activity as traders closely watched the token’s price movements, aiming to capitalize on the rapid gains. The spike in trading volume reflects not only the speculative excitement surrounding GME but also the potential for high returns in a volatile market.
Smart Trading Amidst the Volatility
A renowned on-chain analytics firm, Lookonchain, reported the strategic moves by a “smart trader” who leveraged the price surge to realize significant gains. This trader sold 3.5 million GME tokens at $0.01226, accumulating 260 SOL, equivalent to $43,000. Despite this sale, the trader retains a substantial position of 108 million GME, valued at approximately $1.5 million. Such smart trading tactics underscore the potential for profitable opportunities in the crypto space, particularly during periods of high volatility.
Impact of Keith Gill’s Return to Social Media
Keith Gill’s return to social media on May 13, after a three-year absence following the GameStop saga and the WallStreetBets subreddit shutdown, has had a profound impact on the GME meme coin. The coin’s value soared significantly post his comeback, demonstrating the profound influence a single individual can exert in the crypto space. Over the past 30 days, GME has sky-rocketed by 2,118%, and in the last week alone, it has surged by 240%, as per CoinGecko data. Gill’s influence remains a powerful force in the meme stock and cryptocurrency communities.
Conclusion
The recent dramatic rise of the GME meme coin on the Solana blockchain exemplifies the volatile nature of the cryptocurrency market and the powerful impact of influential figures like Keith Gill. As the crypto community remains fixated on such rapid price movements, it is crucial for traders to stay informed and consider the inherent risks. The future of GME will continue to be shaped by market sentiment, strategic trading, and influential voices within the space.
