– The unofficial GameStop meme coin continues to rise on the Solana exchange, more than doubling in the past 24 hours as traders try to replicate the magic of the “stock meme” associated with the leading gaming retailer.
According to GeckoTerminal, the price of GME, which was minted just a few days ago, is currently at $0.0087. Although the price per token is not that high, the Gamestop-themed coin has risen in value by 105% in the last 24 hours. It now has a market value of nearly $59 million, with a trading volume of nearly $20 million in the last day.
GameStop has not yet responded to Decrypt’s request for comment, but it’s safe to say that the “GameStop” token is not officially associated with the company. However, this is a common occurrence for meme coins.
Meme coins are often inspired by public figures, brands, or news events, borrowing familiar names to attract more traders to buy cryptocurrency tokens Numerous meme tokens, including Dogecoin, SHIB, and BONK, are based on the Shiba Inu breed. Inspired by popular memes, some coins are based on the names of Elon Musk and Henry Kissinger.
While interest in the aforementioned dog-inspired coins is ongoing or renewed, many meme coins have risen and fallen in a matter of days, if not hours. In general, meme coins are not seen as serious investments, but rather as frivolous opportunities for traders that can yield big profits if the hype develops.
The resurgence of GameStop “memes” is a thing of the past, but now there’s a new GME coin that’s growing rapidly: the GameStop token (GME) is minted in Solana and has been in high demand and rising in value since it was minted on Saturday GeckoTerminal reports that in the last 24 hours, the price of GME has risen more than 330% to over $0.0039, with a total trading volume of around $22 million over that period. The market value of the token is approximately ……..
GameStop faced a similar phenomenon: in early 2021, traders bought up the retailer’s troubled stock (ticker: GME), which caused a short squeeze and the price soared nearly 30 times in less than a month. Since then, GME has gone through a series of price peaks and dips, and its price is now below what it was at the beginning of the meme boom.
GME has also been closely tied to cryptocurrencies, albeit briefly – GameStop launched its NFT trading platform in 2022, but earlier this month announced it would shut down the platform on Friday the 2nd due to low sales and internal struggles.