- Earlier this month, GameStop exited the NFT space after shutting down its marketplace, however, a new GameStop-themed meme coin (GME) has been launched on Solana and guess what? It surged over $14M in market cap within 24 hours.
Recent Solana memecoins like Dogwifhat and Myro have seen astronomical gains over short periods, which GameStop aims to replicate.
A GameStop meme coin on Solana SOL/USD, using the same $GME ticker, is trying to repeat the feat, running up to over $14 million in market capitalization within the first 24 hours.
Cryptocurrency connoisseurs know meme coins move like greased pigs – millions or zero, often within hours, rarely something in between.
A Solana-based Gamestop meme coin catapulted to a peak market capitalization of over $14 million within 24 hours of its launch.
See Also: GameStop Exits The NFT Space After Shutting Down Its Marketplace
On its website under the domain wallstsucks.lol, the meme coin bills itself with the slogan “Wall St. Can’t Stop It Now” and makes the direct connection that “$GME on Solana is a tribute to the GameStop saga.”
The token exploded after its launch but lost over 85% of its value after its X (former Twitter) profile was banned. It has since recovered to a market cap of around $6.5 million and secured a listing on the centralized cryptocurrency exchange Poloniex.
🚀 Poloniex New Listing: $GME @GameStop__coin
✅ Deposit open on Jan.29, 11:00 (UTC)✅ Jan.29 (UTC), Post-only mode enable on 11:00 & Full trading enable on 12:00
Details: https://t.co/TW8T2rZOTM pic.twitter.com/eB7NUOIPUm
— Poloniex Exchange (@Poloniex) January 29, 2024
The $GME meme coin follows the recent trend of fast-moving Solana memecoins surging to astronomical valuations in no time:
- Dogwifhat peaking at almost $500 million in market cap in under three months.
- Myro peaking at over $200 million in market cap in the same timeframe.
- Drake-backed Anita Max Wynn surging to over $50 million within a week.
These tokens have yet to achieve the most bullish price targets and flipping “bluechip meme coins” Dogecoin DOGE/USD and Shiba Inu SHIB/USD in market cap.
Whether the GameStop token has the same staying power as its dog-themed companions remains to be seen.
These new Solana Memecoins dump as fast as they pump 😂😂
— V 🦋 (@lillyvivvi) January 28, 2024
Opinions on social media range from “These new Solana Memecoins dump as fast as they pump” to “#Solana meme coins are still THE s**t right now.”
#Solana memecoins are still THE shit right now
— DustyBC Crypto (@TheDustyBC) January 25, 2024
The truth is, we have yet to find the next “Dogecoin killer.” Hope you all remember the GameStop “meme stock frenzy” of 2021?
