Goks, GameStop (GME) Coin Prices Soar 94%!
2024-06-07
Bittime - The price of meme coin GameStop (GME) on the Solana network suddenly rose 94% in the last 24 hours. Apparently this increase was triggered by investor Keith Gil alias RoaringKitty.
Legendary investor RoaringKitty, known in real life as Keith Gil, is again causing a stir in the crypto world. This time, it is not the surge in GameStop (GME) stock prices that is in the spotlight, but the soaring price of the meme coin Solana inspired by it.
GME Coin Skyrockets
GME, a meme coin built on the Solana blockchain, skyrocketed 94% in the last 24 hours, making it the highest-rising token according to CoinGecko.
This spike was triggered by the announcement of Gill's livestream which will be broadcast tomorrow. Not only that, in the past week, the price of GME has soared 395%, far surpassing the performance of other Solana meme coins.
This movement is thought to be a domino effect from Gill's actions. This seasoned investor is known as the key figure behind the short squeeze phenomenon of GameStop shares in 2020.
Interestingly, Gill's livestream announcement also resulted in a real GME share price increase of 47.5%. With ownership of GME shares worth $586 million (Rp. 9.3 trillion), this increase certainly benefits Gill.
KITTY Memecoin Comes on the Rise
Even more surprising, the Roaring Kitty (KITTY) token, which is directly inspired by the name of Gill's online persona, managed to record a daily increase of 196%. In fact, the Deep F*cking Value (DFV) token, which refers to Gill's other nickname, also soared 163%.
This fantastic rise doesn't stop there. The AMC token, which takes its reference from AMC shares which Gill supported in 2020, was also affected by the domino effect with an increase of 109% when this article was written.
Conclusion
The domino effect of Gill's livestream did not only impact individual token prices. The overall surge in prices of Solana meme coins has catapulted their combined market capitalization to almost IDR 160 trillion (US$10 billion).
This figure even exceeds the total investment portfolio of venture capital giants such as OKX Ventures and Sequoia Capital.
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