GameStop The rebirth of the “meme stock”. that’s largely a thing of the past now, but now there’s a new GME skyrocketing, and it’s a meme coin with no real connection to the game retailer.
The GameStop (GME) token is minted. Solana, and has seen increased demand and a rising price since it was minted on Saturday. GME has surged more than 330% in the past 24 hours to a current price above $0.0039, according to data from GeckoTerminal, with a trading volume of approximately $22 million during the period. The token’s market capitalization stands at nearly $29 million, as of this writing.
The most popular meme coins are often based on internet trends, notable people, and world events, and are typically used to take advantage of such things. These tokens typically don’t last long in the spotlight, as seen with late-based coins Berkshire Hathaway Vice President Charlie Munger and ex US Secretary of State Henry Kissinger late last year.
However, some meme coins buck the trend and remain in circulation for a long period of time. For example, dog themed coins like Dogemoneta, Ethereum‘S Shiba Inuand that of Solana BONK they persisted and saw prices jump long after their first spotlight.
The GME token on Solana arguably has nothing to do with GameStop, a publicly traded company, given its launch and where it is traded. And it comes at a precarious time for the company, which had been one of the most cryptocurrency-friendly retailers.
Decipher has reached out to GameStop and will update this article should we receive a response.
Earlier this month, GameStop quietly announced that it will do so close its NFT marketplace February 2nd, next Friday, after previously closing your crypto wallet. In both cases, the retailer cited “regulatory uncertainty” in the cryptocurrency industry. GameStop launched the platform in 2022 with a focus on game assets and other digital collectibles.
