Solana-memecoin ‘GME’ Explodes 150% Ahead of Keith Gill’s YouTube Return
Solana-based GME Coin (GME), the memecoin that pays the short GameStop squeeze tax for 2021 and not to be confused with GME stock, rose more than 150% in the last 24 hours to reach $0.029 on June 7.
Interestingly, Keith Gill, also known as Roaring Kitty, announced his return to YouTube on June 7 after a three-year hiatus.
GME memecoin grows 750% in one week
Gill in 2010 He was a central figure in the first GameStop short story in 2021, and his latest move online has renewed interest in GameStop-related investments. For example, GME crypto prices have surged more than 730% since June 2, when Gill announced the resumption of trading in shares of the original GameStop video game retailer.
Share prices of those stocks have also surged since Gill's revelations, up more than 110% since June 2.
Keith Gill's YouTube announcement didn't include specifics on whether he plans to discuss topics or new investment opportunities. However, he has sparked widespread speculation that he is bullish on GameStop stock.
Speculation about Gill's return has sparked excitement among the investor community. For example, one trader invested $2 million worth of Solana's native token SOL into GME memecoin and earned $1.5 million.
Related: Roaring Kitty's $300m GME position sparks claims of market manipulation
Gill's live broadcast is scheduled to begin at noon New York time. It could further influence market sentiment on GameStop shares and the flipped crypto token.
Does it sell the news?
GME Coin remains at risk of facing major price corrections in the coming days, primarily after Gill concludes his YouTube live stream.
The “sell the news” phenomenon is common in financial markets, with prices rising in anticipation of a major event and falling sharply after the event has passed. Investors often buy in anticipation of positive news and sell their positions to take a profit after the news breaks, causing prices to fall.
For example, in May 2021, the price of Dogecoin (DOGE) dropped 25% minutes after its biggest fan Elon Musk mentioned it on Saturday Night Live. The first memecoin peaked an hour before the show.
GME Technical Analysis for Jun
From a technical perspective, the Solana GME token's daily Relative Strength Index (RSI) has reached approximately 82, indicating overbought conditions.
This higher RSI level suggests that the indicator may face strong corrections in the coming days as the market reacts to an extended price rally similar to the 80% price correction in May.
The GME is also creating a divergence on the daily chart with the price trend and the RSI falling, indicating buying fatigue among the bullish traders. This further increases Solana memecoin price correction prospects.
If a pullback occurs, GME's immediate June target is around $0.228, which corresponds to the 1.618 Fibonacci retracement level.
However, if the cryptocurrency experiences a more significant correction like in May, the main downside target is the 50-day exponential moving average (50-day EMA, red tide) at approximately $0.005, an 80% drop from the current price level.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
