The GME memecoin is an unofficial cryptocurrency inspired by the GameStop stock phenomenon and launched on the Solana blockchain on January 28, 2024. It was designed to commemorate the anniversary of the GameStop event and to embody the spirit of the community-driven rebellion against traditional financial powers. Unlike the actual GameStop stock, the GME memecoin has no official ties to the GameStop corporation.
The memecoin gained significant traction following the return of Keith Gill ("Roaring Kitty") to social media on May 13, 2024, which sparked renewed interest in meme stocks and associated assets. Within a week, the GME memecoin's value increased over 2,000%, propelling its market cap to exceed $100 million from just under $4 million. This surge was largely driven by speculative trading and social media influence.
Currently, GME tokens are primarily used for trading and lack additional utility beyond speculative investments. The token is actively traded on several centralized and decentralized exchanges. The popularity and growth of the GME memecoin have been heavily driven by social media campaigns and the support of crypto influencers, capturing the collective energy and support reminiscent of the GameStop stock surge.
