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This Solana-Based Memecoin Jumped 2000% Amid GameStop Hype

Several memecoins have emerged in the past 24 hours to tap into the surprising GameStop stock frenzy.

Avatar image of Mishael Nwani Mishael Nwani•May 13, 2024
Dogwifhat

GameStop, an American video gaming retail company, has been the talk of the day, thanks to a tweet from the Roaring Kitty, one of its retail traders. The tweet has sparked a massive surge for GameStop’s stock and an unaffiliated Solana-based memecoin. On the other hand, multiple meme tokens have harnessed the hype to storm the crypto market.

What’s Really Happening?

Roaring Kitty, whose real name is Keith Gill, emerged in 2019 with Reddit posts analyzing the video game retailing firm. These analyses gained attention the following year as several day traders began following Gill across social platforms like Reddit, YouTube, and X. GameStop’s stock, $GME, saw significant price jumps during that period.

In 2021, however, Gill’s posts sparked a short squeeze that caused some traders to lose significant funds. Since then, the Roaring Kitty has been silent on social platforms for nearly three years.

Over the past 24 hours, the retail trader resurfaced with a tweet suggesting that he would double down on his stance with the $GME stock. This picture tweet fueled the latest surge.

GameStop’s $GME stock jumped over 110% some hours after the tweet. The stock’s price volatility caused pauses in trading five times today alone. On the downside, short traders lost about $1 billion within the first trading hour.  At the time of writing, $GME stock traded at $28.26, representing a 62% increase in the past 24 hours.

Memecoins Benefit from Hype

Several cryptocurrencies have tapped into the GameStop frenzy to record significant increases. For example, GMEonSol, a Solana-based memecoin project described as a GameStop parody, saw over 2,000% increase in the past 24 hours. At the time of writing, the meme token was up more than 1,900%, bringing its trading price to $0.0102.

Source: CoinMarketCap

Other GME-themed memecoins have emerged and have started raking in gains. One of them, ROAR, saw a 2200% price increase over the last 24 hours.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.