GME Plummets 59% From All-Time High
In the meme coin market, the phrase “What is up must come down again” is broadly true. Meme coins are subject to wild price swings, which are mostly driven by social media sentiments. The latest meme coin that witnessed a massive price rise this week but is now coming down is GME, a Gamestop-inspired token.
Launched on the Solana blockchain on Thursday, GME is down 59% from its peak price of $0.012 recorded on Friday, per data from CoinGecko. The meme coin is now valued at $0.0047. It is important to mention that the GME isn’t affiliated with GameStop, the renowned video game retailer. The firm hasn’t promoted the meme coin since its launch.
But that is not a surprise, considering that many meme coins are created and launched by pseudonymous developers to capitalize on the popularity of celebrities or brands. For example, since Donald Trump announced his presidential bid, several meme coins such as $DONALD and $TRUMP have entered the market.
GME’s Market Performance
GME posted massive gains on Thursday as it caught the attention of “degen” traders, who intensified buying activity. Its market cap almost touched $80 million on Friday morning but has since fallen to $21 million as of this writing. However, the meme coin’s 24-hour trading volume has not dropped significantly. It has gone from $20.9 million on Friday to $18.2 million as of Saturday morning.
Although not officially launched by GameStop, GME’s current fall mirrors that of the video game retailer’s GME stock, which trades on the New York Stock Exchange. The stock is down 82% from its all-time high of $81 hit in January 2021. It is now valued at $14.3.
Possible Reason Driving Down GME Meme Coin’s Price
Meanwhile, some crypto analysts believe that the GME meme coin witnessed a sharp fall in the last 24 hours due to the closure of the GameStop NFT marketplace yesterday. The video game retailer announced last month that it would abandon its NFT ambitions and shut down its marketplace launched in July 2022. The company cited regulatory uncertainty as the main reason for exiting the crypto industry.
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