GameStop (GME), a meme coin created during 2021’s famous short squeeze frenzy, is experiencing a staggering surge, with its value increasing by 250% in the past 24 hours.
We found on CoinMarketCap that GME Coin is currently trading at $0.0129, with its market cap approaching the $90 million mark. In addition, daily trading volume has surged by a staggering 1,069% to over $204 million.
The surge was attributed to renewed investor interest and speculation that the token could gain further traction in the cryptocurrency market. Analysts are closely watching the development, noting that the current trend could lead to a significant market shift and investor dynamics.
Rowing Kitty makes a triumphant return to GameStop
Keith Gill, also known online as "The Roaring Kitten," made his social media debut on Sunday evening following last month's market frenzy.
GameStop shares surged more than 19% in overnight trading after Gill disclosed in a Reddit post that he holds $181.4 million worth of GME shares and call options.
Keith Gill reportedly shared a screenshot showing that he bought 5 million shares of GME for $115.7 million and invested $65.7 million in call options, betting that GME's share price would reach at least $20 per share by June 21. The screenshot also showed that Gill made more than $9.3 million in profits on GME holdings, but lost nearly $2.5 million on call options.
Will this spark another meme coin craze?
The meme coin space has seen strong performances in April and May despite the overall market consolidation. While leading meme coins such as Dogecoin (DOGE) and Shiba Inu Coin (SHIB) have stabilized, other players such as Pepe Coin (PEPE) and Dogwifhat (WIF) have also seen impressive returns in recent weeks.
While memecoins may have started out as a joke, they have gained huge traction in the cryptocurrency world. They offer investors the opportunity to participate in a highly speculative market and potentially earn high returns.
However, memecoins come with their own risks. Due to their volatility and lack of fundamental value, their prices often fluctuate wildly and can result in significant losses for investors.
As with any investment, investors should be sure to do their own research and understand the risks involved before investing in meme coins. Click on the avatar to follow the Crypto Laobiao official account to communicate together!