GameStop Corp. stock saw… Cl A (NYSE: GME) has seen extreme volatility in the recent past, driven by the remarkable return of popular meme stock trader Keith Gill, known as Roaring Kitty, after more than three years of social media freedom. However, the ongoing halt of GME trading on traditional exchanges has created an opportunity for digital currency development amid the ongoing bullish outlook for cryptocurrencies.
GameStop-Inspired Meme Coins Roar
Following the revelation that Gill’s GME portfolio is quickly approaching $1 billion, several GameStop-inspired memes have posted tangible returns over the past 24 hours. For example, shares of Solana-based Roaring Kitty (KITTY) rose nearly 300 percent over the past 24 hours to trade at about $0.0344 on Friday.
Ethereum-based Roaring Kitty (ROAR) has risen more than 126 percent over the past 24 hours to trade at around $0.00154 at the time of writing.
The Solana-based GME (GME) price is up more than 115 percent to hover around $0.025 at the time of this writing. Notably, the Solana-based GME token saw its average daily trading volume rise to over $357 million while its market capitalization reached around $202 million.
Meanwhile, Ethereum-based token GME has risen more than 83 percent over the past 24 hours to trade at around $0.00006286.
The bigger picture
The notable rise in parody meme coins following the GameStop rally is an indicator of rising cryptocurrency FOMO (fear of missing out). Already, the meme industry has surpassed nearly $69 billion in market capitalization and over $5.8 billion in average daily trading volume.
The fact that the SEC has nothing against Gail means that the growing meme coin craze could give rise to a new alternative. Moreover, Bitcoin’s dominance signaled an inevitable reversal amid prominent Ethereum (ETH) and BNB pumps.