After skyrocketing last week, Solana’s unofficial GameStop meme coin plummeted, perhaps unsurprisingly. Its value has fallen more than 70% since early last week. However, meme coins are historically volatile and this one is no exception, making a surprise comeback in the past few hours.
At the time of writing, the coin is said to be trading just below $0.004. CoinGecko. However, despite significant declines since hitting an all-time high of $0.135 on February 7, the Solana token has more than doubled in price in the past 18 hours alone after falling below $0.002.
Launched in late January, the GME token has outlived most viral meme coins. News, rise brieflyafter that crater to 0 Within hours or days.
GME does not appear to have any formal affiliation with video game retailer GameStop. GameStop is a company that became an internet sensation after its underperforming stock (ticker: GME) was hijacked by Redditors. squeezed briefly In 2021.
GameStop later launched a cryptocurrency wallet and NFT platform that were eventually discontinued last fall. earlier this month. The company did not respond to this question. decryptionThis is a previous request for opinions on meme coins.
The GME meme coin has seen about $3.8 million worth of trading volume over the past 24 hours, despite its price plummeting. According to data from GeckoTerminal, the token’s current market cap stands at $26.3 million.
That figure pales in comparison to the value of older meme coins such as: Dogecoin (USD 12.19 billion) and shiba inu ($5.83 billion), which is nonetheless a significant size compared to the numerous meme coins that pop up every day, racking up hundreds of thousands of dollars worth of trading value, only to collapse to a tiny market capitalization within a day.
Editor: Andrew Hayward
