Buckle up, crypto enthusiasts! The world of meme coins never ceases to amaze, and the latest token making waves (and triggering whiplash) is GameStop (GME) on the Solana blockchain. If you’ve been watching the crypto markets, you might have noticed GME’s price chart looking less like a steady climb and more like a thrilling, if slightly terrifying, rollercoaster. Let’s dive into the recent price action of this Solana-based meme coin and see what’s driving the frenzy.
In the past week alone, GME has experienced a dramatic price dump of 70%. Yes, you read that right – a whopping 70%! Just when you thought things couldn’t get any more dramatic, the tables turned. In a stunning 24-hour rebound, GME surged back up by +50%. It’s the kind of volatility that keeps crypto traders on the edge of their seats, wondering what will happen next.
Currently, as you’re reading this, GameStop (GME) is trading around $0.0033. To put this into perspective, just seven days ago, it was sitting pretty at $0.0089. And if you rewind just 24 hours, it was down at $0.0022. Talk about a whirlwind!
It’s worth remembering that GME meme coin is still a fresh face in the crypto world, having just launched in February. Its claim to fame so far? Hitting an all-time high of $0.135 on February 7th. The project positions itself as a community-focused meme coin, aiming for a decentralized and manipulation-free space. But can it live up to the hype?
See Also: GameStop Exits The NFT Space After Shutting Down Its Marketplace
GameStop (GME) Meme Coin: What’s the Deal?
Let’s clear up any confusion right away: this GameStop (GME) meme coin has no official connection to the video game retail giant, GameStop Corp. They simply share the same ticker symbol, GME. While the stock market’s GameStop (GME) might have its own ups and downs, it’s nothing like the wild swings we’re seeing in its meme coin namesake.
Speaking of GameStop Corp. (GME) stock, its price movements are far more… shall we say, ‘tame’ compared to the meme coin. Currently, GameStop Corp. shares are valued at $14.51, showing a modest increase of 1.11% over the last 7 days and 0.69% from yesterday. Stable, right?
Even Solana (SOL), the blockchain where GME meme coin resides, presents a different picture. SOL is currently priced at $113, up +7% over the past week but down -2% from yesterday. Again, relatively contained movements compared to the meme coin’s rollercoaster.
The key takeaway here? The volatility of the GME meme coin is in a league of its own, far exceeding the price fluctuations of both GameStop stock and even its host blockchain, Solana.
Too New to Be Ranked?
Interestingly, despite all the buzz and price action, GameStop (GME) meme coin isn’t even listed in the top meme coin rankings yet. Is it because it’s too new to the scene? Or is its market capitalization still playing catch-up?
See Also: Forget GameStop Stock, Here Is GameStop Meme Coin (GME) And It’s Worth Millions
Currently, GME meme coin boasts a market cap of around $26.3 million. While that might sound like a lot, it’s still dwarfed by the meme coin giants. Consider Dogecoin (DOGE) with its massive $12.48 billion market cap and Shiba Inu (SHIB) at $5.8 billion. Even Bonk (BONK), the leading Solana-based meme coin, commands a significantly larger $873 million market capitalization.
And speaking of Bonk (BONK), it’s worth noting that it too has experienced a significant price correction, down 70% from its all-time high in mid-December. This highlights a common theme in the meme coin world: high volatility and dramatic price swings are part of the game.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
