Benzinga - by Ivan Crnogatić, Benzinga Editor.
Remember the GameStop "meme stock frenzy" of 2021?
A GameStop memecoin on Solana (CRYPTO: SOL), using the same $GME ticker, is trying to repeat the feat, running up to over $14 million in market capitalization within the first 24 hours.
What Happened: Cryptocurrency connoisseurs know memecoins move like greased pigs - millions or zero, often within hours, rarely something in between.
A Solana-based Gamestop memecoin catapulted to a peak market capitalization of over $14 million within 24 hours of its launch.
On its website under the domain wallstsucks.lol, the memecoin bills itself with the slogan "Wall St. Can't Stop It Now" and makes the direct connection that "$GME on Solana is a tribute to the GameStop saga."
The token exploded after its launch but lost over 85% of its value after its X (former Twitter) profile was banned. It has since recovered to a market cap of around $6.5 million and secured a listing on the centralized cryptocurrency exchange Poloniex.
Read Also: 'Crypto Assets Are Grotesquely Overvalued:' This Ethereum Fan Calls The Market An 'Unhinged Casino'
Why It Matters: The $GME memecoin follows the recent trend of fast-moving Solana memecoins surging to astronomical valuations in no time:
- Dogwifhat peaking at almost $500 million in market cap in under three months.
- Myro peaking at over $200 million in market cap in the same timeframe.
- Drake-backed Anita Max Wynn surging to over $50 million within a week.
What's Next: Whether the GameStop token has the same staying power as its dog-themed companions remains to be seen. Opinions on social media range from "These new Solana Memecoins dump as fast as they pump" to "#Solana memecoins are still THE s**t right now."
We have yet to find the next "Dogecoin killer."
Now Read: Solana Addresses Rocket Past 10M, Analyst Targets $140: 'Ready For Upward Continuation'
Photo: Shutterstock
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