- GameStop’s share price doubled from Friday’s close to Monday’s open, leading to trading halts due to volatility.
- A GameStop-themed meme coin on Solana called GME surged 1,900% in price over the past 24 hours, reaching around $0.01 with a market cap of $68 million.
- The meme stock craze from early 2021 appears to be reviving, with adjacent stocks like Reddit and Robinhood also rising alongside GameStop and AMC.
The meme stock craze appears to be making a comeback, with GameStop shares doubling and a Solana meme coin named after the company surging 1,900%.
GameStop Share Price Spike
GameStop’s share price jumped from Friday’s close to Monday’s open, with trading halted nine times due to extreme volatility. The price doubled, indicating a resurgence of interest in the nostalgic gaming retailer.
GME Meme Coin Price Surge
A GameStop-themed meme coin on Solana named GME saw a 1,900% price increase over 24 hours to around $0.01 per token according to DexScreener data. This gives the unofficial tribute coin a market cap of $68 million.
Background on GME Meme Coin
The GME token on Solana launched in January after GameStop announced it was withdrawing from crypto by shutting down its NFT marketplace. Like most meme coins, GME had a brief moment in the spotlight but then lost momentum. Its price sunk for weeks before the latest 1,900% single-day surge.
Previous GameStop Share Mania
In early 2021, trader Keith Gill (aka Roaring Kitty) drove a huge spike in GameStop’s share price by encouraging Reddit users to buy and hold the stock. This spread to other declining brands like AMC. The mania eventually declined until Gill posted on Twitter for the first time in years, sparking the latest craze.
Conclusion
It appears that interest in GameStop stock and related crypto tokens has exploded once again thanks to posts from Gill and an army of nostalgic online traders. Both the stock and Solana’s GME token have seen giant price leaps as a result. It remains to be seen whether this is a temporary spike or the beginning of another sustained mania.
