- GameStop’s stock experienced a significant drop on Friday following the premature release of a disappointing Q1 earnings report.
- However, the unofficial GME meme coin on the Solana blockchain is performing remarkably well this week.
- Interestingly, GME coin achieved an all-time high just before famous trader Roaring Kitty’s first livestream in three years.
The GME meme coin soars despite GameStop’s stock slump, buoyed by Roaring Kitty’s reappearance in the financial world.
GME Meme Coin Reaches All-Time High Amid Stock Market Turbulence
This week, GME, a tribute cryptocurrency to GameStop on the Solana blockchain, surged to unprecedented heights. The token saw a 70% increase within a 24-hour period, reaching a current price of $0.021. Over the week, it skyrocketed 467%, fueled by the frenzy surrounding GameStop’s meme stock. Since hitting its lowest point on April 30, the token has amplified its value by over 5,000%, a remarkable feat in the volatile crypto market.
Key Influencer Roaring Kitty Makes a Comeback
The market’s recent fluctuations also coincided with the announcement that Roaring Kitty, also known as Keith Gill or DeepF**kingValue, would be returning to livestreaming after a three-year hiatus. Known for his pivotal role in the 2021 GameStop stock rally, his re-emergence has undoubtedly fueled interest and trading activity in related assets. CoinGecko reported that the GME token’s trading volume hit a record $471 million within 24 hours, reaffirming the heightened investor interest.
Challenges Persist for GameStop’s Stock
Contrasting the meme coin’s performance, GameStop’s stock plummeted by 25% on Friday. The decline was largely due to the unexpected early release of a lackluster quarterly earnings report. As of now, the stock is valued at just below $35, indicating significant market apprehension. Despite these challenges, the community around GameStop remains fervently supportive, looking toward guidance from influential figures like Roaring Kitty.
A Peek at Roaring Kitty’s Holdings
In recent days, Roaring Kitty has also been active on social media platforms like Twitter and Reddit, where he disclosed holding shares and options worth hundreds of millions of dollars in GameStop. If the GME stock were to reach $65, his holdings would potentially be valued at $1 billion, a testament to his significant influence and foresight. The anticipation surrounding his influence is palpable, with over 100,000 viewers already queued for his scheduled livestream.
Conclusion
In summary, while GameStop’s stock faces considerable challenges, the GME meme coin on Solana continues to thrive, buoyed by community enthusiasm and influential traders. Roaring Kitty’s return to the scene injects additional excitement and volatility into an already unpredictable market, suggesting that both the stock and the meme cryptocurrency may continue to see significant activity in the near future.
