Solana’s GameStop Meme Coin Makes a Comeback After Plummeting
After experiencing a significant increase last week, Solana’s unofficial GameStop meme coin has since dropped more than 70% in value. However, as with most meme coins, volatility is to be expected, and this one has surprised everyone with a sudden resurgence in the past few hours.
Currently trading at just under $0.004 according to CoinGecko, the coin has more than doubled in price in the last 18 hours alone after hitting a low of below $0.002. Launched in late January, the GME token has outlasted many other viral meme coins that typically rise and fall within a short period.
No Affiliation with GameStop
It is important to note that the GME token is not officially associated with video game retailer GameStop. GameStop gained attention earlier this year when its stock was targeted by Redditors and experienced a short squeeze.
GameStop had previously launched a crypto wallet and NFT platform, but both have been discontinued. The company has not responded to inquiries about the meme coin.
Moderate Trading Volume and Market Capitalization
Despite its price drop, the GME meme coin still saw approximately $3.8 million worth of trading volume in the last 24 hours. It currently holds a market capitalization of $26.3 million, which is substantial compared to other short-lived meme coins.
While it doesn’t reach the values of long-standing meme coins like Dogecoin and Shiba Inu, it is noteworthy considering the frequent emergence and rapid decline of many meme coins on a daily basis.
Hot Take: Solana’s GameStop Meme Coin Exhibits Volatility, But Shows Resilience
The GameStop meme coin on the Solana network has experienced significant ups and downs. After a sharp decrease in value, it has made a surprising recovery in recent hours. Despite not having any official connection to GameStop, the GME token has managed to maintain moderate trading volume and market capitalization. This demonstrates the unpredictable nature of meme coins and their ability to attract attention and investment. While the future of this particular meme coin remains uncertain, its resilience is a testament to the enduring popularity of these volatile digital assets.
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