Forget GameStop Stock, Now There's A GameStop Memecoin And It's Worth Millions
Portfolio Pulse from Ivan Crnogatić
A new GameStop memecoin ($GME) on the Solana blockchain achieved a market cap of over $14 million within 24 hours of its launch. The memecoin, which pays tribute to the GameStop saga, saw a significant drop in value after its Twitter profile was banned but has since recovered to a $6.5 million market cap and was listed on Poloniex. The trend of Solana memecoins achieving high valuations quickly is noted, with examples like Dogwifhat, Myro, and Anita Max Wynn. The future of the GameStop token and its potential to rival established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) is uncertain.
January 29, 2024 | 8:27 pm
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POSITIVE IMPACT
The GameStop memecoin is built on the Solana blockchain and has quickly reached a high market cap, highlighting the blockchain's capability to support viral tokens.
The success of the GameStop memecoin and other fast-growing tokens on the Solana blockchain could positively impact the perception and adoption of SOL as a platform for creating and trading memecoins. This could lead to increased demand for SOL in the short term.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Dogecoin, a leading memecoin, could face competition from the new GameStop memecoin on Solana, which has quickly gained a significant market cap.
While the GameStop memecoin is gaining attention, Dogecoin is well-established and has a much larger market cap and community. The new memecoin's impact on DOGE's price is uncertain and likely neutral in the short term, as the market for memecoins is highly speculative and volatile.
CONFIDENCE 50
IMPORTANCE 40
RELEVANCE 30
NEUTRAL IMPACT
GameStop's new memecoin on Solana reached a $14 million market cap within a day, then fell but recovered to $6.5 million after a Twitter ban. It's now listed on Poloniex.
The GameStop memecoin is not directly related to the GameStop Corp's stock but shares its ticker symbol and pays homage to the company's trading frenzy. Its impact on GME stock is likely neutral in the short term as the memecoin operates in the cryptocurrency space, which is distinct from the equity market. However, the attention the memecoin receives could indirectly affect the perception of the GameStop brand.
CONFIDENCE 50
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu, another popular memecoin, may see new competition from the GameStop memecoin, which has shown rapid growth in market cap on the Solana blockchain.
Shiba Inu, like Dogecoin, is a major player in the memecoin space. The new GameStop memecoin may create buzz but is unlikely to have a direct short-term impact on SHIB's price, given the speculative nature of memecoins and the established position of Shiba Inu.
CONFIDENCE 50
IMPORTANCE 40
RELEVANCE 30