Solana’s GME Meme Coin Experiences 300% Surge, Find Out Why

Published on Mon, 3/06/2024 at 14:08

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The price of GameStop’s GME meme coin on the Solana blockchain has seen an astonishing increase of over 300% in the last 24 hours. While the exact reason for the rise remains speculative, the huge gain coincides with a recent post made by a key figure in the world of meme stocks and cryptocurrencies: Keith Gill, better known as “Roaring Kitty.”

Gill, who gained attention for his involvement in the 2021 surge of GameStop stock, has once again caused a major price change for GME tokens. A recent post on his social media account appears to have triggered a surge in GME purchases.

On Monday, during the beginning of trading, GME saw a significant rise in value from $0.0038 to a peak of $0.015, resulting in a fivefold increase. GME coin, based on the Solana platform, is a satirical cryptocurrency that references the GameStop short squeeze of 2021.

As of this writing, GME’s current trading price is approximately $0.0127, showing a 225% increase within the past 24 hours. Additionally, trading volume has experienced a significant surge, increasing 1,292% to reach $271.8 million, indicating a rise in market participation.

The increase in trade activity is due to traders aiming to capitalize on profits during the significant rise in prices. According to Lookonchain, an on-chain analysis company, there is evidence of a “smart trader” who consistently purchases GME at low prices and sells at high prices.

After experiencing a significant increase in the price of GME, the savvy investor sold 3.5 million shares at $0.01226 for 260 SOL, equivalent to $43,000. However, they still possess 108 million shares of GME, valued at $1.5 million, resulting in a total gain of approximately $1.37 million. It is evident that they are patiently anticipating the next substantial price shift for GME.

Gill resumed posting on May 13, approximately three years after the GameStop case and shutdown of the WallStreetBets subreddit. His return had an immediate and significant effect, leading to a sharp rise in the value of the GME meme coin on Solana.

According to data from CoinGecko, there has been a significant increase in GME’s price, with a 2,118% rally in the past 30 days and a 240% increase in the past seven days.