Memecoins
GameStop Meme Coin on Solana down 69% as GME frenzy fades
This is for the GameStop meme stock rally– and the skyrocketing rise of associated coins as well.
While GameStop’s recent stock price gains have all but evaporated, an unofficial GameStop tribute coin on Solana is also down after shoot at a new record price this week. The GME token has fell to a price of $0.0067according to CoinGecko data, down 69% from this new high set on Wednesday.
GME on Solana, which has no official affiliation with the video game retailer, traded flat for weeks after its January launch and saw a brief burst at the beginning of February. Trading volume over the past 24 hours fell to around $65 million, about a third of this week’s peak, matching the price decline.
Despite this, the GME token is still up 1,080% over the past week. That’s better than GameStop’s actual stock price, which is only up about 17% from last Friday’s market close. At the current price of $20.50, GME shares are down 68% since Tuesday’s high, according to data from Google Finance.
GameStop’s stock price soared Monday following the apparent return of Roaring kittenaka Keith Gill, the GME enthusiast who helped spark 2021’s meme stock craze. Other so-called meme stocks, such as movie theater chain AMC, also surged this week, as did cryptocurrencies. coins memes.
But the buzz didn’t last, perhaps in part because Roaring Kitty hasn’t done much since. The trader’s Twitter account continues to share memes and edited film clips this alludes to his past antics and the financial system, but he hasn’t brought back his live streams or resumed his bullshit posts on Reddit.
Is it already game over for surging meme stocks – or does GME still have another run to play?
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