Home » Solana-based GameStop meme coin positive aspects traction after retailer pulls plug on crypto

Solana-based GameStop meme coin positive aspects traction after retailer pulls plug on crypto

by CoinVeem

A Solana-based meme coin impressed by GameStop’s GME shares has surged to over US$31 million in market capitalization in simply three days.

The brand new cryptocurrency, which additionally has the GME ticker, rose by greater than 285% prior to now 24 hours, echoing GameStop’s headline-making inventory market saga.

In January 2021, GameStop skilled a dramatic inventory surge because of a brief squeeze largely pushed by customers of the Reddit discussion board r/wallstreetbets, inflicting heavy losses on hedge funds and brief sellers. 

This occasion additionally impacted different closely shorted shares and cryptocurrencies. Customers of subreddits r/SatoshiStreetBets tried to recreate the GME worth pump with Dogecoin. 

As reported by Decrypt, GameStop introduced earlier this month that it will likely be closing its non-fungible tokens (NFT) market on Feb. 2, citing regulatory uncertainty. The corporate had beforehand discontinued its crypto pockets service for a similar purpose. 

Nonetheless, it seems the NFT market has been in the course of a resurgence, CryptoSlam information suggests. 

Final December, world NFT gross sales topped US$1.77 billion, the best since recording practically US$3.4 billion in Might 2022. NFT gross sales is on tempo to cross US$1 billion for the second straight month, the primary time it has accomplished so since final February. 

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