Why is Gamestop (GME) Price Pumping Over 200% – Crypto News – Crypto News
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Why is Gamestop (GME) Price Pumping Over 200% Why is Gamestop (GME) Price Pumping Over 200%

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Why is Gamestop (GME) Price Pumping Over 200% – Crypto News

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9 months ago

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Amid a slow global cryptocurrency market, where altcoins have been struggling with volatility, meme coins have been attracting the investment community with their performances, contributing a combined $62 billion in market cap. Among these meme coins, GameStop (GME), a relatively new player has emerged on the scene, on Solana ecosystem, surging in value by over 200% and 1099% in volume. So, what’s behind this sudden surge? Let’s delve into the key factors driving this phenomenon.

1. The Return of Roaring Kitty and Social Media Influence

The power of social media influence in shaping financial markets cannot be overstated. Recently, Keith Gill, also known as “Roaring Kitty” reemerged on social media on Twitter and Reddit, sparking excitement around GME.

Gill became popular during the 2021 GameStop short squeeze, and has a large following anticipating his next move. His latest posts, including a screenshot of his investments in GME shares and call options, reignited interest in the stock and its related meme coin.

Gill also shared a mysterious green UNO reverse card with X (former twitter), as part of a collection of cryptic posts and memes he has been sharing since his unexpected comeback in May. Roaring Kitty has spurred a frenzy of buying activity, driving up both the stock price and the value of GME memecoin.

Gill's Reddit post using his DeepFuckingValue account. Source: Reddit

2. Memecoin Mania

The cryptocurrency market has seen plenty of meme coins, and GME is not an exemption. Established on the Solana blockchain, GME commemorates the significant short squeeze of GameStop Corp. in 2021, a narrative in which Keith Gill had a prominent position. As meme coins become more popular in culture, traders are focusing on GME to benefit from the excitement surrounding GameStop and cryptocurrency.

3. Market Sentiment

Sentiment is extremely important in deciding the trajectory of stock prices, particularly in today’s environment of online forums and social media groups. Keith Gill’s posts have reignited interest in GME, bringing hope to retail investors who see the stock as a representation of their fight against big Wall Street firms. This shared excitement has resulted in increased demand for purchases, pushing GME token to unprecedented levels.

4. Short Squeeze Speculation

The threat of another short squeeze similar to the one in early 2021 is hanging over GME. Short sellers who are betting against the stock could be in trouble if the price keeps increasing, which would result in a surge of buying as they scramble to close their positions.

The possibility of a short squeeze adds more excitement to GME token’s rapid increase and sparks more investor attention.

Current Market Performance of GameStop (GME)

Market Performance of GameStop (GME) Market Performance of GameStop (GME)

GameStop token is trading at $0.01359, having experienced a surge in value of over 241.20% in the past day. Although this demonstrates a decline of 42.4% of the all-time high it achieved on May 15, 2024, GME has demonstrated resilience with a 269.01% surge over the past week.

The memecoin is experiencing extreme market activity with an increase of over 1099.46% in 24-hour trading volume. This has pushed the market cap to $95 million.

Conclusion

The recent rise in GameStop (GME) and its linked memecoin can be explained by multiple factors, such as the reemergence of Keith Gill, the impact of meme coin frenzy, the power of social media, optimistic market sentiments, and speculation about a possible short squeeze. As the story progresses, everyone will be watching GME to see if it can maintain its momentum or if this is just another part of the ongoing battle between retail investors and Wall Street.

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