GameStop Tribute Meme Coin on Solana Surges to All-Time High Price

The meme stock buzz only grew overnight, with GameStop (GME) shares opening the day at more than double Monday’s closing price, following the apparent return of prominent GME trader Roaring Kitty on Sunday. And the GameStop-themed tribute coin on Solana is similarly still reaping the rewards of the growing hype.

The unofficial GME, which was launched on Solana back in January, spiked to an all-time high price of $0.01915 early Tuesday, beating the previous record of $0.0135 set back in February.

It’s down since then to a current price of $0.013 per data from CoinGecko, but is still up 25% over the last 24 hours. The GME token currently has a market cap of about $89 million, with about $141 million worth of trading volume over the past day.

The unofficial GameStop token—which has no known affiliation to the retailer—saw a massive spike 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 about $0.0005 prior to Sunday’s sudden spike, down sharply from the short-lived buzz seen in late January and early February. With the latest gains, the GME token is now up 2,221% over the past seven days.

Keith Gill, aka Roaring Kitty and "DeepFuckingValue" on Reddit, is a prominent stock trader who gained notoriety in early 2021 as one of the key forces behind the rise of GameStop’s share price, thanks to his enthusiastic posts and livestreams in support of the nostalgic gaming retailer. GME shares had lost substantial value as the legacy retailer struggled to adapt to industry shifts.

But Roaring Kitty’s support helped trigger a wave of interest in GME and other “meme stocks” such as movie theater chain AMC, prompting surging prices in January 2021—and causing chaos on Wall Street in the process. Gill even testified in front of Congress on the matter, but then disappeared from social media a few months later.

That is, until Sunday. A single image posted by the Roaring Kitty account on Twitter (aka X) fueled excitement that he might resume his meme stock sermons, prompting huge swings in value for companies like GameStop and AMC. Roaring Kitty has continued to post movie and music video clip montages with rousing phrases, fueling even more enthusiasm.

GameStop shares are up 166% over the last five days at a price of $42.85, while AMC’s five-day jump sits at 104% with a current price of $6.42.

The broader meme stock and coin revival is also triggering a surge in copycat efforts, with numerous additional GameStop-themed meme coins deployed on Solana over the last couple days. None of the coins have made nearly as much of an impact as the already-established GME, with most of the coins showing a market cap of under $1 million at present.

Pump.fun, a platform that lets users cheaply and easily launch new tokens on Solana, saw a record number of new tokens deployed on Monday with more than 19,200 launched during the day. 

Meme coins, which are typically inspired by internet memes or pop culture figures and companies, are famously volatile and can just as quickly collapse in value. The GME token saw sizable up-and-down swings back in January and February before losing momentum—and there’s no guarantee that this latest swing will continue.