The crypto community needed some excitement from ‘boredom’ as the crypto market struggles to recover from the recent frequent crashes, leading cryptocurrences- Bitcoin and Ethereum demonstrating slow price movements. GameStop (GME) has sparked meme coins revival with its recent performance, that saw it soar in value by over 1800%. As the Solana-based memecoin catches investor

The post Will GameStop (GME) Memecoin Hit $1 in 2024? appeared first on CoinGape.

Will GameStop (GME) Memecoin Hit $1 in 2024?

The crypto community needed some excitement from ‘boredom’ as the crypto market struggles to recover from the recent frequent crashes, leading cryptocurrences- Bitcoin and Ethereum demonstrating slow price movements. GameStop (GME) has sparked meme coins revival with its recent performance, that saw it soar in value by over 1800%. As the Solana-based memecoin catches investor attention, will it hit $1 in 2024?

About GameStop (GME) Meme coin

About GameStop (GME) Memecoin

The GME meme coin on Solana is a tribute to the GameStop saga, embodying the spirit of rebellion against financial titans and the power of the underdog. It represents a movement within the digital community, showcasing the collective belief and support that defined the GameStop mania.

The memecoin is a decentralized and democratic force, operating transparently and ensuring power is distributed among its holders, not centralized in the hands of a few. The GameStop short squeeze in January 2021 marked a turning point in retail investing, empowering small investors to take on Wall Street.

The GME memecoin serves as a reminder that the power of the people is greater than the people in power, driven by a community that shapes its future through collective will and aspirations.

Market Performance of GameStop (GME) Memecoin

Over the past few days, the value of the GameStop (GME) coin skyrocketed by 3011.05%, reaching an all-time high of $0.02063, before dropping by 22.11%. In spite of the fluctuations, GME still holds a trading value of $0.01611 and a market capitalization of $110.9 million, placing it at 395th among cryptocurrencies, according to CoinMarketCap.

The token has seen a high level of trading activity, with a 24-hour trade worth $183.8 million of trading volume. GME’s fully diluted market cap shows the potential influence of market movements, as it is based on its total supply of 6,885,214,218 tokens in circulation.

The Reason Why GameStop (GME) Memecoin Is Soaring

Keith Gill, also known as TheRoaringKitty, resurfaced on social media after 3 years, causing the GameStop (GME) Memecoin to surge. Gill gained fame for his Reddit analysis of GameStop in 2019. His simple meme highlighting strong concentration led many to fully engage in trading, resulting in GameStop’s stock price surging by up to 100%.

This sparked a unified effort from individual traders to challenge big investors, causing exceptional fluctuations and profits. Gill’s starting investment of $53,000 grew to almost $50 million, demonstrating the power of group effort in online trading. The GameStop story, which features small retail investors taking on Wall Street firms, has captured global attention.

Despite scrutiny in Congress, Gill remains confident in GameStop’s value, earning him admiration among meme stock enthusiasts. His return to social media has revived interest in meme stocks and cryptocurrencies, driving excitement in the market.

Price Prediction of GameStop (GME) Memecoin

While the memecoin frenzy is taking centre stage, very few crypto experts have talked about its future price movement. According to some analysts, GME will reach an average of $0.019853 in 2024, $0.028191 in 2025, and $0.18636 in 2030. On the other hand other analysts forecast that, the GME price is expected to increase to $0.4433 by 2024, $0.7614 by 2025, and $1.98 by 2030.

Keith Gill’s return has boosted GameStop shares and memecoins. Analysts are unsure if it will lead to a repeat of 2021’s events due to smaller short positions. With different financial conditions now, consumers may not engage in the same way. Crypto fans hope for a retail trading frenzy resurgence, but awareness of speculative risks is higher. Platforms like Robinhood may attract new buyers, but caution is advised.

Conclusion

It seems unlikely that GameStop (GME) Meme coin will hit $1 in 2024. Although the coin has seen a big increase and gained interest due to the rise of meme stocks, the expected price predictions indicate that reaching $1 may not be possible within the specified timeframe. Furthermore, the uncertain market dynamics and regulatory environment surrounding meme coins and retail trading enthusiasm continue to raise questions about the possibility of achieving such a price milestone in the short term.

The post Will GameStop (GME) Memecoin Hit $1 in 2024? appeared first on CoinGape.