GameStop (GME), a meme coin built on the Solana blockchain, has shocked the crypto market with a staggering 400% surge in a single day, according to data from CoinMarketCap. This meteoric rise has captivated traders, investors, and the entire crypto community.
As of the latest data, the GME token is trading at $0.01143 per coin, representing a weekly surge of over 1600%. This surge has propelled GME's intraday market cap by an astonishing 380.98%, reaching $77,671,794, making it the 498th largest cryptocurrency by market cap. Additionally, the trading volume in the past 24 hours has seen a substantial increase, reaching $175,452,941, reflecting heightened interest from investors and traders.
GME/USD 24-Hour Chart (Source:CoinMarketCap)
Despite reaching its peak of $0.01402 two months ago, the token has receded by 20.18% from that high. However, it has witnessed an astounding ascent of 2692.06% from its recent lows recorded just 14 days ago on April 30.
The surge in GME's valuation is attributed to Keith Gill, also known as TheRoaringKitty, who gained fame for his Reddit analysis of GameStop in 2019. On Sunday, he shared a meme depicting a gamer leaning forward, seemingly taking the game seriously. This meme, reminiscent of a similar event three years ago, created significant market movement as traders interpreted it as a signal to engage in trading. Consequently, GameStop's stock price surged by up to 100% when the market opened, prompting trading halts due to the excitement surrounding the rise.
Technical analysis of the 1-day chart reveals bullish signs for GME. The Chaikin Money Flow index has experienced a sharp uptick, indicating a significant influx of money into the market and strong buying pressure. Similarly, the MACD indicator is moving upward, suggesting a positive trend in GME's moving averages and potential bullish momentum in the short term. Moreover, the MACD histogram chart shows widening green bars above the zero line, indicating strong buying pressure and a positive outlook for the GME token.
GME/USD 1-Day Chart (Source:Tradingview)
GameStop's GME meme coin on Solana skyrockets over 300% in 24 hours, possibly fueled by Keith Gill's social media post. Trading volumes surge by 1,292%, reflecting heightened market activity. GME's remarkable performance sees a 2,118% rally in 30 days.
EdmundMemecoins, like GME and others, ride on hype and social media buzz, skyrocketing in value but often lacking real-world use, leading to scams and massive losses for investors. While some see memecoins as a gateway to crypto, others warn of manipulation and regulatory challenges, urging for balanced regulation to protect investors.
AnaisIn the future, BTC will absorb all long-term capital. If Microsoft replaces the "wasted" capital from stock repurchases with BTC, it will more effectively push up Microsoft's stock price. Therefore, Microsoft should adopt the BTC strategy and hoard BTC.
JinseFinanceTether CEO Paolo Ardoino said in an interview. “Launching your own blockchain is probably not the right move. There are many very good blockchains.”
JinseFinanceSimilar to the 2021 cycle, profits from GameStop could flow into altcoins, catalyzing the start of the altcoin season in 2024. Will history repeat itself?
JinseFinanceBeing deceived by a third-party virtual currency judicial processor, let’s talk about the judicial disposal of virtual currency
JinseFinanceLove it or hate it, a crypto crackdown seems imminent, especially with the U.S. government urging Congress to accelerate its progress on crypto regulations.
Catherine
NulltxOne major trend we have seen over the past 10 years is the rise of cryptocurrencies.
FtftxHopefully Ethereum becomes a system more like Bitcoin.
链向资讯Hope Ethereum becomes a more Bitcoin-like system
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Cointelegraph