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Solana’s GameStop (GME) Meme Coin Skyrockets 300%, Here’s Why

Mon, 3/06/2024 – 14:08

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The price of GameStop’s GME meme coin on the Solana blockchain has seen an astonishing increase of over 300% in the last 24 hours. While the exact reason for the rise remains speculative, the huge gain coincides with a recent post made by a key figure in the world of meme stocks and cryptocurrencies: Keith Gill, better known as “Roaring Kitty.”

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Gill, most known for his role in the 2021 GameStop short squeeze, has once again become the catalyst for a significant price movement for GME tokens. His recent post on social media seems to have sparked a buying frenzy for GME.

In Monday’s early trading,  GME surged from lows of $0.0038 to intraday highs of $0.015, increasing its price by nearly fivefold. GME coin on Solana is a meme token paying tribute to the 2021 short squeeze of GameStop.

At the time of writing, GME is trading at around $0.0127, up 225% in the last 24 hours. Trading volumes have also surged significantly within the said time frame, rising 1,292% to over $271.8 million, signaling a rise in market activity.

The surge in trading volumes comes as traders seek to capture gains amid the massive price jump. On-chain analytics firm Lookonchain reports one such move by a “smart trader,” who often buys GME at low prices and sells at highs.

After the massive surge in the GME price, the smart trader sold 3.5 million GME at $0.01226 for 260 SOL, or $43,000. The trader still holds 108 million GME worth $1.5 million with a total profit of about $1.37 million, obviously waiting for the next big price move for GME.

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On May 13, Gill began posting again roughly three years after the events surrounding the GameStop case and the shutdown of the WallStreetBets subreddit. The impact of his return was immediate and profound, with the value of GME meme coin on Solana soaring subsequently.

Notably, GME has rallied 2,118% in the last 30 days and is up 240% in the last seven days, per CoinGecko data.

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