GME memecoin surges over 460% following Keith Gill’s return

abdelaziz Fathi

The GME memecoin, an unofficial digital currency borrowing GameStop’s stock ticker, saw a dramatic increase in value, trading over 460% higher on Tuesday.

The price surge followed a triple-digit rally in GameStop’s stock after Keith Gill, known as @TheRoaringKitty, made his first social media post in nearly three years.

Gill and the WallStreetBets subreddit were central to the 2021 meme stock frenzy that saw GameStop shares surge.

In equity markets, GameStop and AMC shares are on track to extend their gains from the previous day. On the New York Stock Exchange, shares of the video game retailer were set to open 120% higher, while the movie theater chain’s shares were poised to rise by 100%, according to TradingView data.

Other “meme stocks” were also set to open higher in a possible revival of the meme stock phenomenon from the pandemic era.

Keith Gill’s return has also spurred a surge of Solana-based meme coins through the pump.fun protocol. On Sunday, following Gill’s post, pump.fun saw its busiest day of deployments, with 14,500 different meme coins launched, setting a new record according to a Dune dashboard. Over 7,400 new tokens were created on Monday as well, continuing the trend.

Pump.fun allows users to launch a meme coin for just 0.02 SOL ($3). Following Gill’s post, a variety of tokens such as GME Stonks, GameOver, and KeithGillWifHat were created. These developments brought the total number of tokens deployed using the Solana protocol to 512,000 since pump.fun’s launch in January, generating around 127,000 SOL or $19 million in gas fees.

However, the volatile nature of meme coins has its downsides. The pump.fun team acknowledged the risk of “rug pulls” and invited Gill to participate in the trend, questioning if he was “interested in grifting [his] followers with a coin launch.” Some tokens launched in connection with Gill’s videos, such as Roaring Wolverine, have already seen massive price fluctuations.

Read this next

blockdag

Top 5 ICOs that are Likely to Explode in the Current Bull Run 2024

Explore top upcoming ICOs: BlockDAG, GBTC, TUK, SCOTTY, and SPONGE. Learn about their potential high returns and unique features.

blockdag

BlockDAG’s Revolutionary Dev Release 36: Off-Chain PoW and a $30 Projection by 2030

Explore BlockDAG’s latest off-chain PoW innovation and its $32M presale success. Projected to reach $30 by 2030.

blockdag

30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.

blockdag

IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.

blockdag

May 2024 Crypto Spotlight: Why Whales Are Choosing BlockDAG Over Retik Finance, Will CoinW & P2B Listing Save $RETIK?

Uncover why BlockDAG is winning over smart investors in May 2024, and surpassing Retik Finance’s performance on exchanges like CoinW and P2B.

blockdag

Ethereum Leads Altcoins Toward a Huge Rally: Expert Top Picks for Altseson Unveiled

A fresh surge in alternative cryptocurrencies is building momentum as Ethereum leads the charge.

Chainwire

BEVM Unveils Groundbreaking Taproot Consensus for Decentralized Bitcoin Layer 2 Solution

On May 20, 2024, the Bitcoin Layer2 development team BEVM released the technical yellow paper titled “Taproot Consensus: A Decentralized BTC Layer2 Solution.”

blockdag

AI Cryptos to Pump Hard After NVIDIA’s Q1 Earnings 📊

The recent earnings from a tech giant have hinted at a significant upswing for AI-focused cryptocurrencies.

Retail FX

Weekly Roundup: Republican to end Fed, Bankman-Fried moves to California

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

<