- GME started the month with an over 300% spike in value.
- The volume has set another ATH record.
As a seasoned financial analyst with extensive experience in analyzing memecoins and their market impact, I find the recent resurgence of GameStop memecoin quite intriguing. The sudden spike in value, which reached over 300% on June 3rd, was undeniably influenced by Keith Gill’s social media activity.
Keith Gill, a financial analyst based in the United States, caused a commotion in the financial markets once more, leading to an increase in the value of the GameStop meme-token. This uptick occurred following a previous rise in value that took place after Gill resurrected his Reddit account.
GameStop memecoin resurgence
On the third of June, the price of GameStop’s meme stock experienced a remarkable increase exceeding 300%. This significant growth can be linked back to influential posts made by Keith Gill, better known as Roaring Kitty, on platforms X and Reddit.
Gill’s account posted a reverse UNO card on X, which sparked various interpretations.
As a crypto investor, I occasionally engage with my fellow community members on Reddit to discuss our investment strategies and share insights. Recently, I disclosed details about my holdings in GME stock and associated options. Prior to this post, I had taken a break from engaging on the platform for over two weeks, while I had been an active member for over three years.
As an analyst, I’ve observed that Gill’s recent social media activity has once again resulted in notable market movements. Specifically, his post contributed to a spike in GameStop’s stock price. It’s important to note that this isn’t the first time his online presence has caused such reactions. Back in May, after a long hiatus, Gill posted on X, which sparked widespread speculation and led to a substantial increase in the value of the GME memecoin.
GameStop memecoin’s 300% spike
An examination of the daily price chart for GameStop’s meme coin uncovered a remarkable surge of approximately 300% by the market’s end on June 3rd.
The value of the memecoin increased by an astounding 269.27%, jumping from around $0.00038 to $0.014. In May, it underwent a spectacular surge exceeding 1,500% after Roaring Kitty’s influential post.
Currently, the price of GameStop meme stock is approximately $0.012 during my composition of this text, representing a drop of more than 14%.
Furthermore, the RSI reading of the spike went beyond the 70-mark, signifying an overbought condition, prior to the subsequent price decrease.
An examination of Santiment’s data for GameStop meme-token revealed a substantial increase in trading activity. specifically, on June 3rd, the volume jumped from approximately $19 million to an astounding $490 million, which represented the highest level in quite some time.
As of the latest data, the volume was nearly $328 million.
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2024-06-05 04:07