GameStop’s GME Stock just keeps rising, causing over $2.2bn in losses for short sellers. As a result, stock meme coins are still super hot; here’s why.
The GameStop meme stock train continues on, with the official GME share price currently trading at $49, up from Monday’s closing price of $31.
Furthermore, the GameStop-themed meme coin on Solana is also still pumping, as is the AMC meme coin. The GME meme coin, launched on Solana in January, hit an all-time high price of $0.02177 early Wednesday morning.
It has over $100 million in volume over the past 24 hours, which further fuels the feeling that this run is far from over.
GameStop Short Squeeze Pt.2 – Electric Boogaloo
Former SEC Chair, Jay Clayton, thinks it should be illegal that @TheRoaringKitty is posting memes online and $GME is pumping.
They’re having a fucking meltdown.
Where was the concern when Jamie Dimon called #Bitcoin a scam but was scalping trading fees?pic.twitter.com/BilVqpPlxw
— The ₿itcoin Therapist (@TheBTCTherapist) May 15, 2024
This whole meme stock revival began on Monday when the Robinhood trading platform once again stopped users from buying the official GameStop stock. This then prompted the return of Keith Gill, AKA Roaring Kitty.
Keith was the hero of the last GME run back in 2021 and has returned from a three-year hiatus, which has sparked this second round of GameStop pumps.
The meme coin GameStop token (which has no known affiliation to the retailer) saw a massive increase in price from late Sunday into early Monday, rising 1,900% over a 24-hour period.
The GME meme coin on Solana had been trading for around $0.0005 before Sunday’s sudden spike, down sharply from the short-lived pump back in late January. With the latest pump, the GME meme coin is now up 3700% over the past seven days.
The overall meme stock coin revival has also seen a boost in copycat tokens, with a number of GameStop-related meme coins deployed on Solana since Monday.
None of the other projects have lasted very long, as the market is backing the OG GME meme coin, as evidenced by the insane trading volume since Monday’s revival.
DISCOVER: Best Solana Meme Coin to Buy in May 2024
AMC Meme Coin Quietly Mooning in the Shadow of GME
The only other meme stock coin that can semi-compete with GME is AMC. The AMC coin in question was launched on Solana back in January at the same time as the GME meme coin.
AMC on Solana is also up significantly, over 100x since Monday. With a much smaller market cap than GME ($19 million compared to $130 million for GME), it was a far riskier play.
AMC has over $50 million in trading volume over the past 24 hours and is moving in tandem with GME, positioning itself as a great beta play to the GameStop meme coin.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
