Meme Coins Inspired by GameStop Surge Over 100 During GME Stock Craze

GameStop Corp. Cl A (NYSE: GME) stock has recently seen a surge in volatility, largely due to the return of the infamous meme stock trader Keith Gill, also known as Roaring Kitty, after a three-year hiatus from social media. This resurgence has led to the halting of GME trading on traditional exchanges, creating an opportunity for meme coin developments in the midst of a bullish crypto market.
The Rise of GameStop-inspired Meme Coins
In light of Gill’s GME portfolio nearing the $1 billion mark, several GameStop-inspired meme coins have shown significant gains in the past 24 hours. For example, Solana-based Roaring Kitty (KITTY) has skyrocketed by almost 300% to reach $0.0344 on Friday.
Similarly, Ethereum-based Roaring Kitty (ROAR) has surged over 126% in the past day, trading at approximately $0.00154 at the time of this article.
Solana-based GME (GME) has experienced a price increase of more than 115%, hovering around $0.025 as of now. The coin’s daily trading volume has exceeded $357 million, with a market cap of around $202 million.
On the other hand, Ethereum-based GME coin has also seen a rise of over 83% in the past 24 hours, trading at approximately $0.00006286.
The Larger Trend
The emergence of parody meme coins following the GameStop phenomenon reflects the growing crypto FOMO (Fear Of Missing Out). The meme coin industry now boasts a market cap of nearly $69 billion and a daily trading volume of over $5.8 billion.
With the US SEC showing no opposition to Gill, the increasing frenzy around meme coins could potentially spark a new altseason. Additionally, the dominance of Bitcoin is showing signs of a reversal, with notable pumps in Ethereum (ETH) and Binance Coin (BNB).
Tags: Meme Coins