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GameStop’s stock price surged in pre-market trading Monday following the Sunday night return of bull trader Roaring Kitty. And while the price momentum has cooled since trading opened, the hype has led to a huge spike in the price of the unofficial GME meme coin on Solana.
The GME token is up 150% over the past 24 hours alone, spiking to a current price of about $0.01 as of this writing. It jumped as high as $0.016 late Sunday, which was the highest price seen in more than two weeks, but is gradually falling alongside the GameStop stock price.
GME trading volume jumped from about $15 million over a 24-hour span to about $280 million as of this writing, with sizable demand backing the huge price spike. The token’s market cap sits at $68 million as of this writing.
GameStop’s stock price nearly doubled from Friday’s close to Monday’s open, jumping from under $23 to just over $40. The rise was fueled by the return of Roaring Kitty, aka Keith Gill or DeepFuckingValue on Reddit, who tweeted late Sunday following a more than two-week absence from social media.
It’s something of an aftershock following Roaring Kitty’s initial return in mid-May, nearly three years after disappearing from social media following 2021’s meme stock saga. Back then, his livestreams, tweets, and Reddit posts helped drive an enormous surge in GameStop’s stock price and also led to a short squeeze that cost hedge funds billions of dollars.
His mid-May return resulted in a massive boost in the price of GameStop shares—and the GME token on Solana, too—but the hype cooled after he again faded from view following a week’s worth of tweeted memes and movie clips.
Now he’s back again, tweeting an Uno “reverse card” on Sunday before disclosing via Reddit that he holds more than $200 million in GameStop shares and stock options. GameStock stock short sellers were set to lose nearly $1 billion as of Monday’s open, according to Unusual Whales, due to the enormous pre-market price boost.
But GameStop’s share price has cooled since the opening, falling to a price of about $30 at present. While up 30% from Friday’s close, it’s also down about 25% from Monday’s peak price.
The GME meme coin on Solana is now down by just over 40% from the peak price set late Sunday, despite the massive 140% gain over the last 24 hours.
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Source: https://decrypt.co/233578/gme-solana-meme-coin-spikes-150-roaring-kitty-gamestop
