Solana’s GameStop meme coin has experienced a significant drop in value, losing over 70% since last week. However, meme coins are notoriously volatile, and this one has made a surprising comeback in recent hours.
Currently trading at just under $0.004, the coin has more than doubled in price within the last 18 hours alone, after previously dropping below $0.002. Despite its substantial collapse from its all-time high of $0.135 on February 7, the Solana token has shown resilience in its recovery.
The GME token, launched in late January, has outlasted many other viral meme coins that typically skyrocket and crash within a short period. It is important to note that GME has no official association with GameStop, the renowned video game retailer that gained attention through the Reddit-driven short squeeze in 2021.
Although GameStop had previously ventured into the cryptocurrency space with a crypto wallet and an NFT platform, both have been discontinued. GameStop has not issued any comment regarding the meme coin.
Despite the decline, the GME meme coin has still seen approximately $3.8 million in trading volume within the past 24 hours. Its market capitalization currently stands at $26.3 million, a notable figure when compared to the daily influx of meme coins that rapidly plummet to insignificant market values.
While GME’s market capitalization is significantly smaller than that of established meme coins like Dogecoin ($12.19 billion) and Shiba Inu ($5.83 billion), it remains noteworthy considering the volatile nature of meme coins in general.