Memecoins
GameStop Meme Coin on Solana Crashes as GME Fever Cools
The stock price of gaming retailer GameStop it seems to have stabilized after last week’s spike, but the GME tribute coin didn’t perform as well. The token, which is traded Solana and has no connection to the company, is down more than 58% in the past week and nearly 16% in the past 24 hours, according to CoinGecko data.
The meme coin has had an eventful month. It peaked in early June when the influencer Roaring kitten (aka Keith Gill) made his comeback after several years and quickly increased its holdings in GameStock to 9 million shares.
The company’s stock price also soared, peaking at around $46.55 on June 6, more than double what it was a week earlier.
GME shares – and the meme coin – may also have been boosted by the announcement in early June that the company strengthened its cash flow with the completion of its stock offering to the market, obtaining proceeds of $2.1 billion.
But one dull general meeting On Monday, shares fell to around $25, about the same level as before the Roaring Kitty hype, despite CEO Ryan Cohen’s attempts to highlight the company’s “strong balance sheet.”
The GME token also fell, hitting its lowest price in over two weeks overnight.
At just over $0.008, the GME token price remains well above its pre-June level, when it hovered between $0.003 and $0.004. However, it is down significantly from its June 7 high of just over 3 cents per token. Trading volume also fell to around $53 million, about half the level of just a week ago.
This isn’t the first time the meme token behaved erratically. A month ago, it saw a similar, albeit smaller, rise followed by a fall. However, when it stabilized in late May, it was considerably higher than before the peak.
It remains to be seen if the same thing happens again.
Edited by Ryan Ozawa.