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Unofficial GameStop Meme Coin on Solana Surges Over 300%, Unfazed by Retailer’s NFT Exit
- The GameStop short squeeze phenomenon of January 2021 has inspired a Solana-based meme coin (ticker GME) with a market cap of nearly USD $22m.
- It experienced a recent surge in value, representing a digital movement symbolising the underdog’s power against financial giants.
- It remains to be seen if GME, unrelated to the GameStop retailer which is distancing itself from crypto, can continue to surge.
Remember (G)ME?
Who doesn’t remember it? GameStop and the short squeeze. It was January 2021, when a short squeeze on GameStop (ticker GME), driven largely by subreddit r/wallstreetbets users, dramatically increased its stock price, causing significant losses for short sellers and hedge funds.
The whole thing was so popular that it broke several records for site traffic and user interest surged. Now, it seems someone is trying to cash in on this with a Solana-based meme coin with the ticker GME.
According to GeckoTerminal, the meme coin currently has a market cap of almost USD $22m (AUD $33m) with a daily volume of USD $18m (AUD $27m). GME is trading at USD $0.003252 (AUD $0.004951) at the time of writing and has increased several hundred percent since launch.
This isn’t just a cryptocurrency; it’s a movement, a display of the digital community and the power of the underdog. Born on the Solana blockchain, known for its lightning-fast transactions and pioneering spirit, the $GME Memecoin embodies the essence of that historic rebellion against financial titans, channeling the raw energy and incredible support that defined the GameStop mania.
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It’s the Way of The Solana Meme Coin
It’s anyone’s guess if this is the new uber-meme coin or if GME goes the same way Bonk and DogWifHat went – up like a rocket, down like a rock.
While there is no official connection between the video game retailer and the meme coin, the timing of the release is interesting. Decrypt reported that GameStop has recently suspended support for its crypto wallet and is now shutting down its NFT marketplace.
Meanwhile, the price of other Solana meme coins like DogWifHat (WIF) and Bonk (BONK) are slowly, but steadily declining, testament to a trend among meme coins on Solana. The question now is, will GME follow in the path of fading meme coins or will it moon?
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
