According to Decrypt, a Solana-based token named GameStop (GME) has seen a surge in demand and price, despite having no real connection to the gaming retailer. The token's price has risen over 330% in the last 24 hours to above $0.0039, with a trading volume of about $22 million during that time. The market cap currently sits at nearly $29 million. Meme coins, like GME, are often based on internet trends, prominent people, or world events and are typically short-lived in the spotlight. However, some meme coins, such as Dogecoin, Shiba Inu, and BONK, have persisted and experienced price jumps long after their initial popularity.
The GME token on Solana is not affiliated with the publicly traded company GameStop. This comes at a challenging time for the retailer, which has been one of the most crypto-friendly companies. GameStop recently announced the closure of its NFT marketplace on February 2, citing regulatory uncertainty in the crypto space. The platform, launched in 2022, focused on gaming assets and other digital collectibles.
