GME Meme Coin Rollercoaster

Unlike other viral meme coins, the GME token seems to have outlasted many and lacks formal ties with GameStop.

Unsurprisingly, the value of Solana’s unofficial GameStop meme currency has decreased by over 70% since the beginning of last week, following a meteoric rise the week prior.

However, meme currencies have a history of volatility, and this one has not been an exception; it has made an unexpected comeback in recent hours.

GME Token Resilience

As of this writing, the coin’s price on CoinGecko is just under $0.004. However, despite experiencing a substantial decline from its peak price of $0.135 on February 7, the value of the Solana token has more than doubled in the last eighteen hours alone, having fallen below $0.002.

The GME token, introduced in late January, outlived the majority of viral meme coins, which typically surface in response to significant news events, experience a fleeting surge, and then plummet to zero within days or hours.

GME seems to lack a formal association with GameStop. This video game retailer gained significant attention online in 2021 due to the hacking and short selling of its struggling stock (ticker: GME) by Redditors.

A crypto wallet that GameStop subsequently introduced was discontinued last autumn, and an NFT platform ceased operations earlier this month. The company failed to respond to a request for comment concerning the meme coin.

The GME meme coin has experienced a trading volume of approximately $3.8 million over the past twenty-four hours, despite its falling price. As of the present moment, the token is valued at $26.3 million in the market, as reported by GeckoTerminal.

Although this amount is relatively small when compared to the market capitalizations of meme coins that have been around for years, such as Dogecoin ($12.19 billion) and Shiba Inu ($5.83 billion), it is still significant when considering the multitude of meme coins that emerge daily, amass trading value in the hundreds of thousands of dollars, and then plummet to negligible levels within the day.