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HomeCrypto NewsMarketSolana Meme Coin GameStop Spikes 3,914% Amid Surge in GameStop Stock

Solana Meme Coin GameStop Spikes 3,914% Amid Surge in GameStop Stock


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The strange pre-market surge in GameStop (GME) stock triggers a 3,914% spike in a Solana meme coin of the same name within 2 days.

The original GameStop stock, with ticker GME, is witnessing a surprising rally due to a post from Roaring Kitty. However, with the GME stock suspended for trading at the start of the uptrend, investors have trooped to crypto meme coins sharing similar names.

Notably, GameStop (GME), a Solana-based meme coin created in February as a parody of the original GameStop, has capitalized on this upsurge. Market data shows that the meme coin began yesterday with a price of $0.00049226 following three consecutive days of sustained losses.

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However, its price soared to a three-month high of $0.0083548 before it saw a mild correction, closing Monday with a massive 1,576% increase. As the original GME sustained its rally into the after hours today, the Solana meme coin followed suit.

GameStop 1D Chart
GameStop 1D Chart

As a result, it spiked to a peak of $0.01976, marking a 3,914% increase in just two days. GME dropped from this high, but currently trades at $0.01635, maintaining a 222% rise in 24 hours and a 3,221% increase from its opening price yesterday. Volume has soared 350% in 24 hours to $218 million, with market cap hitting $112.5 million.

GameStop GME Volume
GameStop Valuation and Volume | CoinMarketCap

GameStop: What Happened?

GameStop Corp., a U.S.-based game retailer, saw its stock soar by unbelievable margins in the pre-market phase. GameStop shares, which ended Monday at $30.45, saw an impressive rally in the after hours following an X post from finance analyst and investor Keith Gill, commonly known as Roaring Kitty. 

Gill had advocated for GameStop in 2021, triggering a similar surge in price, but went AWOL after that. The recent post, which has garnered 24.4 million impressions at last check, marked Gill’s first X post in nearly three years. It featured a widely recognized meme depicting a gamer leaning forward in a posture denoting heightened focus.

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Shortly after this post, Gill continued to share clips of movies, garnering investor attention. Amid the ruckus, GME, which has underperformed over the past few months, skyrocketed from its closing price of $30.45 to a pre-market high of $80 earlier today, marking a 162% increase.

Market watchers such as Neil Wilson, Finalto’s B2B Chief Market Analyst, interpret the surge as indicative of a renewed investor appetite, characterized by a willingness to embrace risk. Wilson underscores that the rally lacks fundamental justification, particularly given GameStop’s turbulence over the past year.

Bloomberg’s Joe Weisenthal noted on X that he has no explanation as to why GME shares jumped 75% yesterday. However, he thinks the surge today is because the market expects GameStop to raise capital and boost future cash flow significantly.

Notably, the spike to $80 brought GameStop’s market cap beyond the $20 billion mark. In addition, short traders recorded significant losses, amounting to $1 billion yesterday alone. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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