The cryptocurrency market remains generally stagnant while memecoins continue to attract investors’ attention. Data reveals that memecoins contribute $62 billion to the total value of the cryptocurrency market. Among memecoins, particularly GameStop (GME), an altcoin, has emerged as a new player in the Solana ecosystem, standing out with a remarkable rise of over 200%.
Social Media’s Impact and Roaring Kitty
Keith Gill, known as “Roaring Kitty,” has significantly impacted financial markets with his reappearance on social media platforms like X and Reddit. Gill, who gained fame during GameStop’s short sales in 2021, recently resurfaced, reigniting interest in GME. His recent posts, featuring screenshots of GME investments and cryptic messages, have rekindled excitement among his large followers, leading to a rise in both the stock price and the GME memecoin price. GameStop shares surged over 100% in pre-market trading.
As is well known, memecoins have recently become a significant part of the cryptocurrency market, and GME is no exception. Created on the Solana Blockchain, GME is an altcoin commemorating the 2021 GameStop short squeeze, a significant event where Gill played a central role. The rising popularity of memecoins has led investors to focus on GME, hoping to benefit from the excitement surrounding both GameStop and cryptocurrencies.
Market sentiment, especially in the current environment dominated by online forums and social media groups, plays a crucial role in determining stock prices. Gill’s posts have revived interest in GME, giving hope to individual investors who see the stock as a symbol of their struggle against major Wall Street firms. This shared enthusiasm has increased demand for GME purchases, pushing the altcoin to new heights.
Currently, another short sale speculation similar to early 2021 is looming over GME. Short sellers betting against the stock may face trouble if the price continues to rise, potentially triggering a buying wave as they rush to close their positions. This possibility adds more excitement to GME’s rapid rise, attracting more investors’ attention.
Current Status of GME
At the time of writing, GME is trading at $0.01359, having surged over 240% in the last 24 hours. Although this marks a 42.4% drop from the all-time high recorded on May 15, 2024, GME has shown resilience with a 269.01% rise in the past 7 days.
On the other hand, the altcoin‘s trading volume has increased by 1,099.46% in the last 24 hours, while its market value has approached $100 million.
