Solana’s GameStop Tribute Coin (GME) Skyrockets by 1,900% Amid Renewed Crypto Enthusiasm

  • The meme stock craze seems to be making a comeback as GameStop’s share price doubled from Friday’s close to Monday’s open.
  • A GameStop-themed meme coin on Solana, also using the GME ticker, has seen a 1,900% price jump in the past 24 hours.
  • The unofficial GameStop token still remains about 26% down from its all-time high price, but is closer to that mark than it’s been in three months.

GameStop’s share price and its meme coin counterpart on Solana have seen significant increases, indicating a potential resurgence of the meme stock craze. The unofficial GameStop token, despite being down 26% from its all-time high, is closer to that mark than it has been in three months.

GameStop Share Price Doubles

GameStop’s share price doubled from Friday’s close to Monday’s open, with trading of GME paused nine times due to volatility. This sudden surge has sparked speculation about a potential return of the meme stock craze that took the financial world by storm in early 2021. The trend was largely driven by stock trader Keith Gill, who encouraged traders to purchase and hold the diminished shares of the retail giant through Reddit posts and livestreams.

GameStop-Themed Meme Coin on Solana Skyrockets

The “GameStop” token on Solana, which also uses the GME ticker, has seen a 1,900% price jump over the past 24 hours, according to data from DexScreener. The token currently trades at approximately $0.01, giving it a market cap of $68 million. Despite being an unofficial meme coin created as a tribute to GameStop, the GME token on Solana has managed to capture significant attention in the crypto market. However, it is worth noting that the token still remains about 26% down from its all-time high price.

Revival of Meme Stock Craze?

The recent developments surrounding GameStop’s share price and its meme coin counterpart have led to speculation about a potential revival of the meme stock craze. This trend, which initially started with GameStop, later spread to other nostalgic, beleaguered brands like movie theater chain AMC. While the original craze eventually died down, recent market activity suggests a possible resurgence. This speculation has been further fueled by a recent tweet from Gill, his first in nearly three years, which led to GME more than doubling from its close price on Friday, while AMC jumped 37%.

Conclusion

The sudden surge in GameStop’s share price and its meme coin counterpart on Solana indicates a potential resurgence of the meme stock craze. While it is still too early to confirm this trend, the recent market activity certainly suggests a shift in investor sentiment. As always, investors are advised to exercise caution and conduct thorough research before making any investment decisions.

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Merritt Vale
Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
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