GME Memecoin Skyrockets Following Keith Gill’s Social Media Comeback

• The GME memecoin, a digital currency unofficially linked to GameStop’s stock ticker, witnessed a staggering 460% surge in value.
• The price hike followed a triple-digit rally in GameStop’s stock after Keith Gill, also known as @TheRoaringKitty, returned to social media after a three-year hiatus.
• Gill and the WallStreetBets subreddit played pivotal roles in the 2021 meme stock frenzy that saw GameStop shares skyrocket.

Following Keith Gill’s return to social media, the GME memecoin experienced a dramatic surge in value, trading over 460% higher. This article explores the factors behind this surge and its implications for the crypto market.

GameStop and AMC Shares Extend Gains

GameStop and AMC shares are set to extend their gains from the previous day. According to TradingView data, shares of the video game retailer were set to open 120% higher on the New York Stock Exchange, while the movie theater chain’s shares were poised to rise by 100%. Other “meme stocks” were also set to open higher, indicating a possible revival of the meme stock phenomenon from the pandemic era.

Surge in Solana-Based Meme Coins

Gill’s return also triggered a surge in Solana-based meme coins through the pump.fun protocol. Following Gill’s post, pump.fun experienced its busiest day of deployments, with 14,500 different meme coins launched, setting a new record. Over 7,400 new tokens were created on Monday, continuing the trend. However, the volatile nature of meme coins also has its downsides, with some tokens experiencing massive price fluctuations.

Risk of “Rug Pulls”

The pump.fun team acknowledged the risk of “rug pulls” and invited Gill to participate in the trend, questioning if he was “interested in grifting [his] followers with a coin launch.” Some tokens launched in connection with Gill’s videos, such as Roaring Wolverine, have already seen massive price fluctuations.

Conclusion

The recent surge in the value of GME memecoin and other meme stocks highlights the volatile nature of the crypto market. While these developments can offer significant gains, they also come with considerable risks. Investors should therefore approach these trends with caution and conduct thorough research before making investment decisions.