GME 2.0? The ‘GameStop’ Meme coin continues to rise on Solana

An An unofficial GameStop-themed meme coin on Solana It continues to more than double in the past 24 hours as traders try to recreate some of the “meme stock” magic associated with the major video game retailer.

The GME, which was made a few days ago, rose to $0.0087 as of press time. Gecoterminal. While not a huge value per token, GameStop's tax coin has seen a 105% increase in the past day. It now has a market cap of nearly $59 million, with a trading volume of about $20 million on the last day.

GameStop has yet to respond. DecryptA question of opinion, however, is that the “GameStop” token is definitely not officially associated with the company. But that's normal for meme coins.

Meme coins are often inspired by public figures, brands and news events, borrowing a well-known name in an effort to convince more traders to buy into the crypto token. Many meme tokens-like Dogecoin, SHIBAnd Bonk-Inspired by the famous Shiba Inu dog meme, there were coins based on it. Elon Musk And Henry Kissinger.

While those aforementioned dodge-inspired meme coins see constant or resurgent demand, many meme coins rise and fall within days, if not hours. They are not typically seen as serious investments, but are light-hearted opportunities for traders to bet on high returns during a bullish cycle.

GameStop has some history with a similar phenomenon. In the year In early 2021, traders bought distressed shares of the retailer (ticker: GME), forcing a short squeeze as its price rallied nearly 30 times in less than a month. GME has seen significant price peaks and valleys since then, but now sits below the price seen during the meme stock frenzy.

Although the retailer hasn't been around long, it has some serious history in crypto. Stop the game Launched NFT Marketplace. In the year in 2022, but following slow sales and ongoing struggles at the company, the retailer said earlier this month Close the platform Today is Friday February 2nd.

Edited by Ryan Ozawa.