Solana's GameStop Parody Memecoin GME Surges Beyond $100 Million Amid Trading Frenzy
Summary:
GME, a Solana-based memecoin satirising American gaming retailer GameStop, surpassed a $100 million market capitalization amid a trading frenzy linked to the retailer. The surge in investor activity has been associated with a recent rise in GameStop Corp shares. The hike in memecoin trading has also been linked to Keith Gill’s sudden return, the trader who kick-started the Reddit-infused GameStop short squeeze in early 2021. The memecoin's listing on centralized exchanges like Bitget and BingX, appears to have further stimulated buying activity. Memecoin mania has swept across the crypto industry this year, leading to warnings from experts about reckless investor behaviour.
GME, a satirical memecoin, modelled after GameStop - an American gaming retailer, on the Solana blockchain, has seen its market capitalization rocket beyond $100 million amid frenzied activity linked to its namesake - although unrelated. As at May 14, this GME memecoin has achieved a return of 2,291%, trading at $0.01449. Its rise is thought to be driven by investor excitement about GameStop Corp shares, listed on the New York Stock Exchange, that witnessed a monumental surge of 228% within the last five trading sessions. Boosting this memecoin's leap was its listing on centralized exchanges, including Bitget and BingX, prompting a surge in buying activity. Keith Gill's sudden return - a trader renowned for starting the Reddit-infused GameStop short squeeze of 2021 - seemed to spark yet another short squeeze of GME shares, stirring investors. When Gill resurfaced, GameStop shares saw a surge of up to 111% in just 24 hours. Major shareholders like Ryan Cohen, CEO, chairman, and largest single shareholder of GameStop, with a 12% stake, is enjoying $1 billion in unrealized capital gains due to the squeeze. The year has seen a widespread craze for memecoin across the crypto landscape. On May 13, the unofficial Ethereum-based memecoin PEPE, inspired by Pepe the Frog, jumped to a record high on Binance by over 34% in a single day reaching $0.00001119. On March 22, Solana's memecoin Dogwifhat (WIF) climbed to a record high after accumulating $700,000 from its Vegas Sphere fundraiser. Its price soared by 25%, briefly propelling it to a $3 billion market capitalization. On April 3, a trader allegedly increased $13,000 to $2 million in just a few hours after buying Bitget Wallet's Donotfomoew (MOEW) memecoin, released on the Base blockchain, and cashing out after the sudden pick-up. Notwithstanding, the memecoin rush has sparked experts to caution investors due to the apparent risk-taking. In a statement by DeFi detective ZachXBT on April 24, ZachXBT revealed that 12 memecoins of Solana had reportedly collected a combined $26.7 million from investors before abruptly ditching their projects. The most expensive 'abandoned' presale, according to ZachXBT, was a memecoin tagged "I like this coin," also known as LIKE.
Published At
5/14/2024 6:40:00 PM
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