GME memecoin surges over 460% following Keith Gill’s return

The GME memecoin, an unofficial digital currency borrowing GameStop’s stock ticker, saw a dramatic increase in value, trading over 460% higher on Tuesday.

The price surge followed a triple-digit rally in GameStop’s stock after Keith Gill, known as @TheRoaringKitty, made his first social media post in nearly three years.

Gill and the WallStreetBets subreddit were central to the 2021 meme stock frenzy that saw GameStop shares surge.

In equity markets, GameStop and AMC shares are on track to extend their gains from the previous day. On the New York Stock Exchange, shares of the video game retailer were set to open 120% higher, while the movie theater chain’s shares were poised to rise by 100%, according to TradingView data.

Other “meme stocks” were also set to open higher in a possible revival of the meme stock phenomenon from the pandemic era.

Keith Gill’s return has also spurred a surge of Solana-based meme coins through the pump.fun protocol. On Sunday, following Gill’s post, pump.fun saw its busiest day of deployments, with 14,500 different meme coins launched, setting a new record according to a Dune dashboard. Over 7,400 new tokens were created on Monday as well, continuing the trend.

Pump.fun allows users to launch a meme coin for just 0.02 SOL ($3). Following Gill’s post, a variety of tokens such as GME Stonks, GameOver, and KeithGillWifHat were created. These developments brought the total number of tokens deployed using the Solana protocol to 512,000 since pump.fun’s launch in January, generating around 127,000 SOL or $19 million in gas fees.

However, the volatile nature of meme coins has its downsides. The pump.fun team acknowledged the risk of “rug pulls” and invited Gill to participate in the trend, questioning if he was “interested in grifting [his] followers with a coin launch.” Some tokens launched in connection with Gill’s videos, such as Roaring Wolverine, have already seen massive price fluctuations.



Financefeeds.com