GameStop Coin Is Up 100%, Fans Dub It ‘The Most Legendary Meme Coin In History’
By Benzinga
The GameStop coin caught a second breath and is up 100% over the past 24 hours. Unsurprisingly, the crypto community doesn't think this is the end of the line.
What Happened: The GameStop-inspired coin, or GME (the same as the company's ticker), has rebounded over 150% in two days. Its volumes reached a significant $14.4 million based on DEXScreener data. Other meme coins on Solana (CRYPTO: SOL) like Dogwifhat and Bonk (CRYPTO: BONK) are down 9.5% and 0.8%, respectively on the day.
The price pump may be connected to a report that GameStop will announce positive earnings for the fourth quarter of 2023. It also foresees the company achieving profitability for the coming year earlier than expected.. The GameStop (NYSE:GME) stock rose 3.7% on the news.
Why It Matters: A Reddit account, Satoshi StreetBets, which boasts 761,000 members, posted yesterday that “$GME will be the most legendary meme coin in crypto history….” However, a note below the post states that the post was deleted by the person who originally posted it.
While the Solana network suffered a 5-hour outage today, crypto degen Jessie T stated, “$GME was breaking out and broke the Solana network. It’s still pumping on exchanges though.”
A crypto whale Sabian tweeted:
Crypto user, Ghost-BRC-20 Alpha said that a whale wallet added 18 million more $GME tokens, taking its total to 193 million tokens, worth $1.29 million. He tweets, “They have been accumulating over the last 4 days. Dont let these drops shake you out of your position. They know something we don't, and they want your tokens cheap!”
What's Next: The GameStop meme coin frenzy shows no signs of slowing down. Meanwhile, the TRUMP token is gearing up to rival Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
Image: Shutterstock
