The stock market is again resembling the year 2021 as the shares of GameStop (GME) rose 47% on Thursday. This came after Keith Gill, popularly known as Roaring Kitty and DeepF—kingValue revealed that he had invested $586 million in the stock through both call options and the actual shares. Gill, an influential trader in the GameStop mania also posted the schedule for a YouTube live streaming on Friday which triggered the retail traders to begin trading again.
The ripple effects of Gill's announcement reached the digital asset market, particularly boosting the Solana-based meme token GME. While this token is not affiliated with the company, it was derived from GameStop. The price of the GME token increased by about 160% in the last 24 hours while the overall crypto market is consolidated.
Gill’s comeback to social media in the middle of the last month after a three-year absence sparked a renewed interest in memecoins. The GME token has since mid-May increased by over 6,000% and now has a market capitalization of over $189 million.
The GME meme coin is a token based on the Solana blockchain, which is associated with the events involving GameStop stock. It uses the same stock symbol, GME, but is not affiliated with the actual game company. This token started on 28th January 2024, through a fair launch, and has become a representation of community defiance against the financial systems.
Keith Gill's Influence GameStop through recent social media activity revived interest in both GameStop stock and related digital assets. His latest tweet and upcoming livestream have drawn significant attention.
Meme coins like GME have low entry barriers. Investors do not need to conduct extensive research as they simply buy into the coin for its fun, community-centric nature. The slogan "We love the coin" mirrors the rallying cry of GameStop enthusiasts.
GME Built on the Solana blockchain has helped bolster confidence in the token. It is known for its fast transactions and innovative capabilities. GME has benefited from the broader memecoin boom on this platform.
The GME token thrives on its narrative and community support by drawing parallels to the GameStop stock story. It has managed to capture the imaginations of investors who enjoy the playful yet rebellious spirit of meme coins.
So the final thoughts by CoinGabbar collectively bring that the meme coin of GME is a perfect example of how the GameStop story continues to influence the world of finance. The support of Keith Gill and the overall community has kept this digital asset moving forward and growing. However, unlike the GME token, it is not owned or associated with GameStop in any way but is an echo of the same phenomenon that made the original stock so popular. Like any other meme coin, GME is quite volatile and should not be invested in blindly. But it is also true that its success is a perfect example of the effectiveness of community-driven initiatives in both conventional and new media markets.
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