A GameStop-inspired Solana meme coin surges amid network outage
A meme coin inspired by GameStop, called GME, has experienced a rollercoaster-like trajectory similar to the video game retailer’s own meme stock. Last week, it surged before falling quickly, but it is now back on the rise despite a recent Solana network outage.
According to CoinGecko, GME has jumped 91% in the past 24 hours, reaching a price above $0.0096. Although it briefly approached its all-time high from last week at $0.011, it has since settled.
GME is relatively small compared to Solana, with a trading volume of just over $14 million and a market cap of about $65 million. In contrast, Solana has a trading volume of over $1.8 billion and a market cap above $42 million.
Despite being a meme coin known for its volatility, GME has persisted longer than many others associated with news events or public figures like Elon Musk or Charlie Munger.
Even the five-hour network outage on Solana didn’t impede GME’s pump. The coin was up overnight and dipped briefly after the network returned online before continuing its daily pump.
GameStop had its own presence in the crypto world, including an NFT marketplace that was discontinued last week and a crypto wallet that was discontinued last fall. However, there is no official connection between the Solana meme coin and the gaming brand.
Hot Take: The volatile journey of the GameStop-inspired Solana meme coin
The GameStop-inspired Solana meme coin, GME, has had an unpredictable journey similar to its namesake stock. Despite facing setbacks like network outages, the coin continues to experience surges and dips. While meme coins are known for their short lifespans, GME has lasted longer than many others tied to specific events or personalities. GameStop itself has had its own foray into the crypto world but is not associated with the Solana meme coin. As with any investment, it’s important to approach meme coins with caution and not consider them as financial advice.
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