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As the crypto market recovers from the recent crash, GameStop (GME), a meme coin built on Solana, is taking the market by stop. Soaring by over 1800%, the token has captivated both traders, investors and the entire crypto community. This article delves into details to unravel the reason why GME price is exploding.
Market Performance of GameStop (GME)
GameStop (GME) has experienced a significant surge in market performance lately. In a single day, it increased by 1699.74% and within a week, it went up by 1451.96%. The current market capitalization stands at $63.3 million, according to CoinMarketCap.
The trading volume for GME in the last 24 hours has seen a substantial increase, reaching 8923.13%. This shows a high level of trading activity. The total supply of GME tokens is 6,885,214,218.
The token achieved its all-time high of $0.01362 just three months ago, but has since retraced 46.58% from that point.
The Reason Behind Gamestop (GME) Price Soaring
The GME stock price has surged because of Keith Gill, also known as TheRoaringKitty, who became famous for his Reddit analysis of GameStop in 2019.
The picture, a simple meme highlighting a period of strong concentration or “getting in the zone,” was seen by a lot of people as a sign to fully engage in trading. And they indeed dove. GameStop saw its stock price surge by up to 100% when the market opened, leading to pauses in trading due to the excitement reaching a peak.
Gill’s forecasts sparked a unified effort from individual traders to go up against big-time investors, causing exceptional fluctuations and profits.
Gill’s starting investment of $53,000 drastically increased to almost $50 million, demonstrating the strength of group effort and online trading groups.
The GameStop story captured global attention with its tale of David versus Goliath, as small retail investors joined forces to take on big Wall Street firms.
Even with questioning and meetings in Congress, Gill stood firm in his confidence in GameStop’s worth, gaining admiration among meme stock enthusiasts.
The renewed excitement in the market is driven by Gill’s comeback to social media, sparking a renewed interest in meme stocks and cryptocurrencies.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Developers took advantage of the opportunity to develop meme-based digital currencies, increasing the buzz surrounding the meme stock trend. Although the future of GameStop and meme stocks is unclear, the community’s unified faith in memes as a strong influence in finance still propels the movement.
About GameStop (GME)
GME is known to represent more than just a cryptocurrency; it symbolizes a movement that showcases the strength of the digital community and the potential of the underdog.
Founded on the Solana blockchain, GME Memecoin captures the essence of the GameStop rebellion, embodying the energy and support that defined the historic event. Reflecting the GameStop short squeeze of January 2021, the token pays homage to the retail investing revolution.
With a focus on community and decentralization, GME Memecoin empowers its members and challenges traditional financial systems. It stands as a reminder of the power of collective belief and grassroots movements in the world of finance.
GME Memecoin thrives on community input, embodying collective vision and values. Member voices hold power in shaping the coin’s future.
The post Why is GameStop (GME) Price Pumping Over 1800%? appeared first on CoinGape.
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