According to U.Today, GameStop's GME meme coin on the Solana blockchain has experienced a remarkable surge of over 300% in the past 24 hours. The exact cause of this increase remains speculative, but it coincides with a recent social media post by Keith Gill, also known as 'Roaring Kitty,' a key figure in the world of meme stocks and cryptocurrencies. Gill is widely recognized for his role in the 2021 GameStop short squeeze and appears to have once again triggered a significant price movement for GME tokens.
In early trading on Monday, GME's price surged from lows of $0.0038 to intraday highs of $0.015, nearly a fivefold increase. The GME coin on Solana is a meme token that pays tribute to the 2021 short squeeze of GameStop. At the time of writing, GME is trading at around $0.0127, up 225% in the last 24 hours. Trading volumes have also seen a significant increase, rising 1,292% to over $271.8 million, indicating a surge in market activity.
On-chain analytics firm Lookonchain reported a move by a 'smart trader,' who frequently buys GME at low prices and sells at highs. Following the massive surge in the GME price, this trader sold 3.5 million GME at $0.01226 for 260 SOL, or $43,000. The trader still holds 108 million GME worth $1.5 million, with a total profit of about $1.37 million, seemingly waiting for the next significant price move for GME.
Gill resumed posting on social media on May 13, approximately three years after the events surrounding the GameStop case and the shutdown of the WallStreetBets subreddit. His return had an immediate and significant impact, with the value of the GME meme coin on Solana subsequently soaring. Notably, GME has rallied 2,118% in the last 30 days and is up 240% in the last seven days, according to CoinGecko data.