TL;DR
- The GameStop (GME) meme coin on the Solana blockchain soared 88.74% in a single day.
- Keith Gill, known as RoaringKitty, announced a live stream, boosting the value of several cryptocurrencies.
- The growth of the meme coin market on Solana has exceeded $10 billion in market capitalization.
The recent announcement by Keith Gill, also known as RoaringKitty, about an upcoming livestream has caused a real rush in the cryptocurrency market, specifically in meme coins based on the Solana blockchain.
The GameStop memecoin (GME) has seen an impressive 88.74% surge in just 24 hours, reaching a price of $0.02330 according to official data from CoinMarketCap.
This meteoric growth is part of a broader trend, where GME has shown a 395% increase in the last week, outperforming all other Solana memecoins listed on CoinGecko.
Keith Gill, famous for his central role in the rise of GameStop‘s share price in 2020, continues to have considerable influence on the markets.
Their announcement of a livestream scheduled for tomorrow at 16:00 UTC not only boosted the value of memecoin, but also resulted in a 47.5% increase in the GME share price, which is now trading at $46.55 each.
This increase has raised the value of Gill’s position in GME shares to more than $586 million.
In addition to GME, other Gill-inspired cryptocurrencies have also seen significant increases.
The Roaring Kitty token (KITTY) showed an even more impressive performance with a daily increase of 196%, while the Deep F*cking Value token (DFV), another reference to one of Gill’s aliases, saw a growth of 163%.
Even the AMC token, linked to another Gill-driven price surge effort in 2020, is up 109% since the livestream announcement.
Impact on the Memecoin and cryptocurrency market
This recent rise in memecoin values has had a considerable impact on the broader cryptocurrency market.
The total market capitalization of memecoins on the Solana blockchain has reached almost $10 billion, surpassing the investment portfolios of major firms such as OKX Ventures and Sequoia Capital.
This phenomenon highlights not only the continued influence of figures like Gill on the financial market, but also the growing interest and participation in memecoin and cryptocurrencies in general.
The cryptocurrency market is notoriously volatile, and surges like those seen with Gill-related tokens are a reminder of the unpredictable nature of these investments.
While some investors may benefit greatly from these spikes, others may face significant risks.
Gill’s ability to mobilize investors and generate excitement around certain assets demonstrates the power of social media and live streaming platforms in the modern financial world.
As Gill’s livestream approaches, it is likely that we will continue to see fluctuations in the prices of these assets, and many will be watching closely to see what moves continue in the market.
