- GME token surged over 400% in a day, reaching $0.01143 with a 1600% weekly gain.
- Keith Gill’s meme led to a surge in GameStop’s stock price, causing trading pauses.
- Technical indicators signal strong buying pressure and bullish momentum.
GameStop (GME), a meme coin built on the Solana blockchain, has taken the crypto market by surprise. According to CoinMarketCap’s data, the token soared by over 400% in a single day, captivating traders, investors, and the entire crypto community.
As of press time, the GME token is trading at $0.01143 per coin. This follows a weekly surge of over 1600%, showcasing significant growth in a short period. The bullish uptick in GME’s value has also had a notable impact on its intraday market cap, which surged by 380.98%, reaching $77,671,794.
GME/USD 24-Hour Chart (Source: CoinMarketCap)
This remarkable increase has positioned GME as the 498th largest cryptocurrency by market cap. Furthermore, the trading volume in the past 24 hours has seen a substantial rise, hitting $175,452,941.
This represents a 384.35% increase, reflecting heightened interest from investors and traders. On the same accord, the volume-to-market cap ratio of 225.98% indicates significant market activity and interest in GME, potentially driving further price increases.
Conversely, the token reached its pinnacle of $0.01402 two months prior, though it has since receded by 20.18% from that peak. Yet, it has witnessed a staggering ascent of 2692.06% from its depths of $0.0004008, recorded a mere 14 days ago on April 30.
Keith Gill’s Meme Ignites GameStop Surge
The GME stock valuation surged owing to Keith Gill, known as TheRoaringKitty, who garnered acclaim for his Reddit dissection of GameStop in 2019. On Sunday, he shared a meme of a gamer leaning forward, seemingly taking the game seriously.
This image followed a similar event three years ago, which also created a significant market movement. Many interpreted the meme as a signal to engage in trading, leading to a surge in GameStop’s stock price.
As a result, when the market opened, GameStop’s stock price increased by up to 100%. However, the excitement surrounding this rise caused trading to pause multiple times. This rapid increase in value and trading activity highlighted the significant impact of Gill’s influence on the market.
Bullish Signs Ahead
Based on the 1-day chart technical analysis, the Chaikin Money Flow index is exhibiting a sharp uptick, positioned at 0.58. This suggests a significant influx of money into the market, indicating strong buying pressure and potential bullish momentum in the near future.
GME/USD 1-Day Chart (Source: Tradingview)
Similarly, the MACD indicator is moving upward, positioned at 0.00130268. This signals a positive trend in GME’s moving averages, suggesting a bullish trend in the short term. Moreover, the MACD line being well above the signal line indicates that there may still be room for an upward move in the GME token price before a potential correction.
Supporting this bullish momentum, the MACD histogram chart shows widening green bars above the zero line. This further indicates strong buying pressure and a positive outlook for the GME token.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
