Solana Game Stops Meme Coin Up 70%—But GME Isn’t Dead Yet

After touching the sky last weekSolana's unofficial GameStop meme coin has, perhaps surprisingly, dropped more than 70% in value since the beginning of last week. But meme coins are historically volatile and this one is no exception, making a surprising comeback in the last few hours.

At the time of writing, the coin is trading below $0.004, he said CoinGecko. However, Solana Token has more than doubled in price in the past 18 hours alone, after falling below $0.002, despite a sharp decline since its February 7 high of $0.135.

Launched in late January, the GME token has outlasted many of the viral meme coins, emerging in the context of major chunks. News, Going up for a short timeand then Hole to zero Within hours or days.

GME doesn't appear to have any formal ties to video game retailer GameStop, the company that became an Internet sensation after its struggling stock (ticker: GME ) was hacked by Redditors and Short compressed In 2021

GameStop later shut down its crypto wallet and NFT platform, which was discontinued last fall At the beginning of this month. The company did not respond. DecryptHis earlier request to comment on the meme coin.

The GME meme coin has seen nearly $3.8 million in trading volume in the past 24 hours, despite its declining price. According to the data from GecoTerminal, the token currently sits at a capitalization of $26.3 million.

That figure pales in comparison to the values ​​of meme coins over the years Dogecoin (12.19 billion dollars) and Shiba Innu ($5.83 billion), still pales in comparison to meme coins that pop up every day, garner hundreds of thousands of dollars worth of trade value, and then have a smaller market capitalization per day.

Edited by Andrew Hayward.