Gamestop (GME) Price Soars 95% Today: Hidden Gem of Market Crash?
Recent market reports highlight how the recent crypto crash has affected the broader market. Bitcoin’s decline to $53,000 triggered a downturn in most altcoins as investor anxiety grew. This drop was largely attributed to disappointing US job reports, coupled with September’s historical reputation for negatively impacting Bitcoin’s performance. Over the past few days, this downward trend has continued, impacting most cryptocurrencies—except for one standout: Gamestop (GME). Contrary to the general market trend, Gamestop’s price surged by over 95% in the past 24 hours, emerging as a surprising bright spot amid the market turmoil.
Roaring Kitty’s Impact on Gamestop’s Price After a Hiatus
Keith Gill, known as Roaring Kitty, has had a significant influence on Gamestop’s price, even though there’s no direct link between him and the crypto token or Gamestop stock. Historically, every time Roaring Kitty has made a public appearance, the Gamestop token has experienced a notable price increase. This trend continued recently when Gill reappeared online after a two-month absence. He posted a scene from Toy Story 2 on X, where Andy discards Woody, the cowboy toy, with the caption, “I don’t want to play with you anymore.” Though seemingly innocuous, analysts interpreted the post as a signal of Gill withdrawing support from Chewy Stocks, which he had previously endorsed.
Remarkably, even though the post had no direct connection to Gamestop, the GME stock price spiked by 8.2% within 11 minutes. The Gamestop crypto token also saw a dramatic increase, jumping from $0.002728 to $0.004676 in just 30 minutes. This surge continued, with the price peaking at $0.005512 a few hours later.
Currently, Gamestop’s price is trading at $0.005293 after a 97% rise in 24 hours. The market cap has surged to $36,443,257, reflecting a 426% increase in trading volume to $49,580,435. However, this is still far from its all-time high of $0.03207 set three months ago.
With this surge, GameStop’s price has reached its highest point of the month, currently trading at $0.005293 following a remarkable 97% increase in just 24 hours. Additionally, the market cap has risen to $36,443,257, fueled by a 426% jump in trading volume, which now stands at $49,580,435. Despite these gains, the price remains far from its all-time high of $0.03207 set three months ago.
Is Gamestop the Hidden Gem of the Market Crash?
Gamestop’s crypto token debuted in February 2024 and quickly gained traction among investors, reaching a high of $0.01082 before entering a prolonged downtrend that lasted nearly four months. Roaring Kitty’s return to social media and endorsement of Gamestop stock had previously driven the GME crypto token to its all-time high.
Even in a less favorable crypto market, with most assets declining, meme coins like GME and PEPE have shown notable resilience. Today, as the broader crypto market continues its downtrend, Gamestop’s recent performance suggests it could indeed be considered a hidden gem amidst the market crash. Compared to other meme coins in the current downturn, such as Floki, Gamestop appears to offer more potential for profitability in a declining market.
