It's getting flashy, here Causes of Rising Coin Prices GME

Bittime - Some time ago, a number of memecoin prices began to rise. This time, it was the turn of GME, a meme coin based on the Solana blockchain, whose price exploded 124% in just the last 24 hours. This increase brought GME to its highest record in history at $0.0298 (around Rp. 476).

Based on data from CoinGecko, the price of GME was around $0.026 (around IDR 416) during European trading hours on Friday. This figure itself shows a fantastic increase of 581% in the last week.

Return of the Legend: The Influence of Roaring Kitty

The soaring price of GME was triggered by the reappearance of Keith Gill, the legendary investor nicknamed "Roaring Kitty". After three years of silence, Gill announced his plans to live stream on YouTube for the first time. His presence, which his followers have been waiting for, is scheduled for June 7 2024, at 4:00 PM UTC (11:00 PM WIB).

Gill, who has more than 770,000 subscribers on YouTube, is widely known for his role in the GameStop stock short squeeze phenomenon in 2021. His heroic actions at that time managed to shake Wall Street and attract the attention of retail investors around the world.

Gill's decision to return to social media doesn't just impact meme coin GME. GameStop (GME) shares on the stock exchange also experienced a significant jump of 47% to reach $47.55 (around Rp. 760,800) on the same day.

Three weeks before the live stream announcement, Gill posted a sketch of a man leaning back in a chair on the X platform (formerly known as Twitter). Not long after, the GME meme coin was born.

Not only that, Gill also reported about increasing his portfolio in GameStop shares which has now generated fantastic profits of $566 million (around Rp. 9.056 trillion).

Euphoria Widens: GME Rises on Other Networks

GME fever apparently doesn't only affect the Solana blockchain. The reason is, the GME meme coin which has versions on the Ethereum main network and the Base L2 network also experienced a significant price increase. GME (Ethereum) recorded a jump of 156%, while GME (Base) rose 95%.

This phenomenon shows that enthusiasm for the figure of Roaring Kitty and the potential of the GME meme coin is spreading to various corners of the crypto universe. Will Gill's live stream tonight further inflate the price of GME? Let's just wait together.

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Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.