not Unofficial GameStop-themed meme coin In ~ Solana It has more than doubled in the past 24 hours as traders attempt to recreate the “meme stock” magic associated with the major video game retailer.
GME, issued just a few days ago, has risen to $0.0087 at the time of writing. gecko terminal. Although not a significant price per token, the GameStop tribute coin is up 105% over the past day. Its current market capitalization is nearly $59 million, with last-day trading volume of around $20 million.
GameStop has not yet responded. decryption‘s request for comment, but the “GameStop” token is undoubtedly not officially linked to the company. However, this is a common occurrence in meme coins.
Meme coins are often inspired by public figures, brands, and news events, borrowing familiar names to entice more traders to purchase cryptocurrency tokens. Various meme tokens, e.g. Dogecoin, SHIBand Bonk—Inspired by the popular Shiba Inu meme, there were also coins based on: Elon Musk and Henry Kissinger.
While the aforementioned Doji-inspired meme coins have seen continued or renewed interest, many meme coins have risen and fallen in a matter of days, if not hours. While this is not generally considered a serious investment, it is a casual opportunity for traders to bet on potentially significant profits as the hype cycle unfolds.
GameStop has a history of similar events occurring. In early 2021, traders bought up the retailer’s distressed stock (ticker: GME) and suffered a short squeeze, with the price soaring nearly 30-fold in less than a month. GME has seen some significant price peaks and troughs since then, but the price is currently below where it was at the start of the meme stock craze.
The retailer has a serious, if not long, history with cryptocurrencies. game stop NFT Marketplace Launched But poor sales and ongoing challenges within the company led the retailer to withdraw earlier this month. close the platform This Friday, February 2nd.
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The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
Edited by Ryan Ozawa.
