Crypto: Solana Memecoin GameStop Breaks Records, +2,000%!

The cryptosphere was left agape on that day before the feats of the cryptocurrency even deployed on Solana, GameStop. The recorded increases for GME were estimated to be up to +2,200% by some analysts. A question arises: what is the origin of this explosion of this cryptocurrency?

The GameStop Craze: When David Takes on Goliath

The dismissal of former GameStop CEO, Matt Furlong, has it finally paid off? He was accused of having embarked the company on the crypto and NFT adventure.

BREAKING: Solana memecoin $GME (@gmecoinsol) price skyrockets +2200% in the past 24 hours.

— Whale Insider (@WhaleInsider) May 13, 2024

GameStop’s (GME) stock is experiencing a spectacular rise, surpassing 1,800%. What are the reasons for this explosion?

Market Performance of GameStop (GME)

GameStop (GME) is recording remarkable performances on the market, highlights CoinGape. In a single day, an increase by 1699.74% and by 1451.96% in one week. According to CoinMarketCap, its current market capitalization is 63.3 million dollars.

The trading volume of GME over the last 24 hours has significantly increased, reaching 8923.13%, indicating intense trading activity. The total supply of GME tokens amounts to 6,885,214,218.

The cryptocurrency had reached its all-time high of $0.01362 just three months ago, but has since dropped by 46.58%.

The Reason for the Rally of This Solana Meme Cryptocurrency

Keith Gill, aka TheRoaringKitty, is behind this surge. His Reddit analysis of GameStop in 2019 sparked a massive frenzy. His image, symbolizing a strong focus, encouraged many crypto investors to start trading. GameStop thus saw its price increase nearly 100% at market opening, even causing transaction interruptions.

Mr. Gill’s predictions mobilized individual traders against big investors, leading to exceptional fluctuations and profits.

Gill’s initial investment of $53,000 grew to nearly $50 million, demonstrating the power of collective effort and online exchange groups.

Despite the queries and congressional hearings, Mr. Gill remained convinced of the value of GameStop, earning the admiration of “meme” enthusiasts.

Mr. Gill’s return to social media rekindles interest in meme stocks and cryptocurrencies.

The Return of “Roaring Kitty”

Shares of GameStop nearly doubled in value Monday morning after the apparent return on social media of the day trader at the center of the 2021 “meme stock” craze. Keith Gill’s account, also known as “Roaring Kitty,” posted a meme on Sunday representing a man leaning forward in his chair, an image that GameStop shared on its own account X in February of this year. The account had been inactive since June 2021.

Mr. Gill encouraged millions of new “day traders” to invest in GameStop during the 2021 surge in the stock’s price, which soared by over 2,000%. Mr. Gill shone a light on significant hedge fund bets against the company at the time, rightly predicting that a surge in the price of the GEM crypto would compel hedge funds to buy shares to cover their large short positions.

Moreover, Psychonaut4975, founder of BorpaToken speaks on the subject,

Venture capitalists love to write lengthy analyses to explain different phenomena, such as the appeal for memecoins, which are considered excellent tools for “tokenizing” public attention. The rapid rise in the price of the $GME token is attributed to the media interest in the return of Roaring Kitten and the massive liquidations on GameStop. It is plausible, but it is essential to remain cautious. The attention can quickly wane if the GameStop stock stops making headlines, especially since the liquidity/market cap ratio of the $GME crypto token is very low. Caution is therefore advised.

Psychonaut4975, founder of BorpaToken

AMC’s stock, on the other hand, saw its value increase by 33% today. Conversely, the rise in GameStop’s crypto that took place on Monday caused short sellers to lose about 1 billion dollars.