Memecoin Frenzy! GameStop (GME) on Solana Network Rallies Over 300%

Published by

Zameer Attar

May 14, 2024

After a silence of more than three years, the influential stock market figure known as Roaring Kitty has made a dramatic comeback on the X platform. Remembered for his role in the GameStop Corp. Cl A (NYSE: GME) short squeeze saga of 2021, Roaring Kitty’s reappearance has set off a wave of excitement among traders.

Roaring Kitty’s return on Monday, signaled by a mysterious post on X, has triggered a surge in GameStop shares. Within just 24 hours, GME stocks shot up by nearly 100 percent, briefly hitting $36.9 before trading was halted, highlighting the fervent response to his return.

Solana Developers and the GME Meme Coin

As traditional exchanges grapple with the pause in GameStop trading, attention has turned to Solana (SOL) developers, who created the GameStop (GME) meme coin. In an astonishing turn of events, the GME meme coin saw its value surge by over 300 percent within the same 24-hour period, reaching $0.0126 during Tuesday’s London session.

The Sentiment? Bullish!

Despite being a small-cap meme coin, GME has garnered strong investor sentiment with its bullish trajectory. Its daily average trading volume surpasses double its market capitalization, indicating significant demand. Market data from Binance-backed Coinmarketcap shows a fully diluted valuation of around $87 million for the GME meme coin, with an average 24-hour trading volume exceeding $176 million.

Meme Coins Thrive!

The surge in GameStop stocks has had a ripple effect across blockchain networks, leading to the development of meme coins on various platforms, particularly on the Coinbase Global-backed Base network.

Market data from Coingecko reveals a remarkable 500 percent surge in GME price on the Base network over the past week, reaching $0.0379 by Tuesday, further fueling the frenzy surrounding GameStop-related assets.

Also Check Out: GameStop’s 75% Surge Ignites Memecoin Rally

Do you think the rally in GME stock and meme coins is sustainable? Share your predictions.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.