Solana memecoin GME surges 460% in a day as ‘Roaring Kitty’ resurface
The GME memecoin, which uses GameStop’s stock symbol but is not officially associated with the company, experienced a trading surge of over 460% on Tuesday, according to Coingecko data.
This significant increase in the memecoin’s value followed a triple-digit surge in GameStop stock after a post by Keith Gill, also known as @TheRoaringKitty, on X, marking his first post in nearly three years. Gill and the subreddit WallStreetBets were central to the 2021 meme stock phenomenon.
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Despite the overall market’s summer lull, GME has emerged from a prolonged dormancy, recording an 80%+ surge yesterday driven by Roaring Kitty’s tweet, as cited by QCP Capital analysts.
In the equity markets, GameStop and AMC shares are set to continue the substantial gains from the previous day. On the New York Stock Exchange, shares of the video game retailer were expected to open 120% higher, while those of the movie theater chain were anticipated to rise by 100%, according to TradingView data.
Furthermore, other “meme stocks” were also expected to open significantly higher on Tuesday, indicating a potential resurgence of the meme stock frenzy that characterized the pandemic era.
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At the time of publication, the GMCI Meme Index, which tracks the top memecoins by market cap, had risen by 7.65% to 308.52.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
