GameStop Tribute Coin’s Rollercoaster Ride in the Crypto Market

The GameStop (GME) tribute coin on the Solana blockchain has experienced a tumultuous journey since its inception, far outlasting many other meme coins which often fade quickly after their initial surge. However, with declining interest in GameStop stock, the unofficial GME token has seen a significant downturn, losing nearly 79% of its value since peaking at an all-time high of $0.031 on June 7, according to CoinGecko data.

This decline to the current price of $0.0068, including a 16% drop in the past week alone, coincides with waning hype around GameStop and the famed bull trader Roaring Kitty, also known as Keith Gill or DeepFuckingValue. Gill’s initial involvement boosted the meme coin when he disclosed significant holdings in GameStop stock and engaged in a popular YouTube livestream, rekindling the 2021 meme stock frenzy.

Despite increasing his GameStop holdings to approximately 9 million shares, Gill’s reduced activity on social media and lack of subsequent livestreams have coincided with a cooling interest in both the stock and the tribute token.

GameStop’s stock price has also suffered, plummeting nearly half from its early June levels to $23.98, erasing all gains from the past month with a 14% decline. Complicating matters, Gill was recently the subject of a lawsuit accusing him of securities fraud through stock price manipulation with his posts, although the suit was dismissed voluntarily last Monday for undisclosed reasons.

Further stirring the market, Gill’s cryptic tweet featuring a cartoonish dog illustration led to a brief surge in stocks like pet supplies retailer Chewy, hinting at his continued influence in the market. This was confirmed when Gill reported owning 9 million shares of Chewy to the SEC.

As speculation grew that Gill might shift his focus from GameStop, the stock saw a dip but then recovered, closing nearly 4% higher from Monday’s low. Meanwhile, the GME meme coin had moments of resurgence linked closely to Gill’s public engagements but has largely struggled to maintain momentum.

Investors holding GME tokens are now closely watching for any signs of activity from Gill or related GameStop events that might reignite interest and potentially drive another surge in demand for the beleaguered token.