The GameStop coin caught a second breath and is up 100% over the past 24 hours. Unsurprisingly, the crypto community doesn't think this is the end of the line.
What Happened: The GameStop-inspired coin, or GME (the same as the company's ticker), has rebounded over 150% in two days. Its volumes reached a significant $14.4 million based on DEXScreener data. Other meme coins on Solana SOL/USD like Dogwifhat and Bonk BONK/USD are down 9.5% and 0.8%, respectively on the day.
The price pump may be connected to a report that GameStop will announce positive earnings for the fourth quarter of 2023. It also foresees the company achieving profitability for the coming year earlier than expected.. The GameStop GME stock rose 3.7% on the news.
Why It Matters: A Reddit account, Satoshi StreetBets, which boasts 761,000 members, posted yesterday that “$GME will be the most legendary meme coin in crypto history….” However, a note below the post states that the post was deleted by the person who originally posted it.
While the Solana network suffered a 5-hour outage today, crypto degen Jessie T stated, “$GME was breaking out and broke the Solana network. It’s still pumping on exchanges though.”
A crypto whale Sabian tweeted:
Crypto user, Ghost-BRC-20 Alpha said that a whale wallet added 18 million more $GME tokens, taking its total to 193 million tokens, worth $1.29 million. He tweets, “They have been accumulating over the last 4 days. Dont let these drops shake you out of your position. They know something we don't, and they want your tokens cheap!”
What's Next: The GameStop meme coin frenzy shows no signs of slowing down. Meanwhile, the TRUMP token is gearing up to rival Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
Image: Shutterstock
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