What price will the GME cryptocurrency reach? Analysts give their opinion
GameStop (GME) is a memecoin inspired by a stock market action that bears the same name.
This token "lives" on the Solana network, which has become a hotbed of memecoins.
GME, like all memecoins, is an asset without foundations or real utility.
GameStop, a chain of video game and console stores in the United States, is days away from announcing its financial results for the second quarter of 2024 and there are expectations in the markets. A positive report could have a direct impact on the firm's shares (GME) and on the cryptocurrency that bears the same name.
As CriptoNoticias already reported, GME is a memecoin on the Solana network that is not really linked to the stock of the video game sales company. It is simply a digital token that was baptized with the same name and that “embodies the essence of that historic rebellion against the financial titans, channeling the raw energy and incredible support that defined the GameStop mania,” as described on its website. It is worth remembering that, in 2021, Keith Gill, better known as Roaring Kitty, led a campaign of traders through social networks against institutional investors who were betting on the disappearance of this company.
The movements generated a bullish momentum in GameStop (GME) shares, leading to huge losses for hedge funds that bet against the firm. A similar situation occurred months ago, when the assets had a short-lived rally for similar reasons. The following TradingView chart shows the impact that the Roaring Kitty campaign had on the GME stock price. Its price is $24. Clark Schultz, journalist and editor of the financial analysis platform Seeking Alpha, said that estimates indicate that GameStop had revenues of $857 million
#GME #gamestop #MemeWatch2024 #Memecoin🤑🤑 $GMT #MarketSentimentToday