GameStop (GME) Inspired Memecoin on Solana Network Rallies Over 300%
The post GameStop (GME) Inspired Memecoin on Solana Network Rallies Over 300% appeared first on Coinpedia Fintech News
After over three years of deafening silence, a renowned stock market influencer alias Roaring Kitty on the X platform resurfaced on Monday. Notably, the popular influencer is remembered for bringing together stock traders and short-squeezing GameStop Corp. Cl A (NYSE: GME) in 2021. Consequently, GME stock rallied around 100 percent before being trapped in a macro bearish trend.
The return of the stock market influencer on Monday via an X post triggered a bullish rally on GME shares. According to the latest stock market data, GME shares spiked nearly 100 percent in the past 24 hours to trade around $36.9 before trading was halted.
The Rise of GameStop-Inspired Meme Coins
With the trading of GameStop stock temporarily halted on traditional exchanges, the Solana (SOl) developers who created the meme coin dubbed GameStop (GME) have attracted major attention. The GME meme coin rallied more than 300 percent in the past 24 hours to trade around $0.0126 on Tuesday during the London session.
The small-cap meme coin has a robust bullish sentiment, as its daily average trading volume is more than double its market cap, suggesting high demand. According to market data provided by Binance-backed Coinmarketcap, the GME meme coin had a fully diluted valuation of around $87 million and an average 24-hour traded volume of approximately $176 million.
Similar Trend
The rise of GameStock stocks has influenced the development of meme coins on many other chains led by the Coinbase Global-backed Base network. According to market data provided by Coingecko, GME price on the Base network has risen nearly 500 percent in the past week to trade around $0.0379 on Tuesday.
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