GameStop-inspired Meme Coins Rallies Over 100% Amid GME Stock Frenzy
The post GameStop-inspired Meme Coins Rallies Over 100% Amid GME Stock Frenzy appeared first on Coinpedia Fintech News
GameStop Corp. Cl A (NYSE: GME) stock has experienced heightened volatility in the recent past, fueled by the majestic return of the famous meme stock trader Keith Gill, alias Roaring Kitty, after more than three years free from social media. However, the constant halting of GME trading on traditional exchanges has created an opportunity for meme coin developments amid the ongoing crypto bullish outlook.
GameStop-inspired Meme Coins Roars
Following the revelation that Gill’s GME portfolio is fast approaching the $1 billion mark, several GameStop-inspired meme coins have registered palpable returns in the past 24 hours. For instance, Solana-based Roaring Kitty (KITTY) had surged nearly 300 per cent in the past 24 hours to trade at about $0.0344 on Friday.
Ethereum-based Roaring Kitty (ROAR) rallied over 126 per cent in the past 24 hours to trade at about $0.00154 at the time of this report.
Solana-based GME (GME) price had rallied more than 115 percent to hover about $0.025 at the time of this writing. Notably, the Solana-based GME coin has seen its daily average traded volume spike over $357 million while its market cap was around $202 million.
Meanwhile, the Ethereum-based GME coin had surged over 83 percent in the past 24 hours to trade around $0.00006286.
Bigger Picture
The notable rise of parody meme coins following the GameStop rise is an indication of the heightened crypto FOMO (Fear Of Missing Out). Already, the meme coin industry has eclipsed nearly $69 billion in market cap and over $5.8 billion in daily average traded volume.
The fact that the US SEC does not have anything against Gill means a heightened meme coin frenzy could trigger a fresh altseason. Moreover, Bitcoin dominance has signalled an inevitable reversal amid the notable Ethereum (ETH) and BNB pumps.
