GameStop might be exiting the crypto realm as a new unsanctioned GME token on Solana is now white.
The revival of GameStop’s ‘meme stock’ is mainly in the past. However, a new GME, a meme coin without any valid link to the gaming retailer, is skyrocketing.
GameStop Mining Taps Solana Blockchain
The GameStop (GME) token’s mining happens on Solana and has experienced a rising demand and price since being minted on January 27. GeckoTerminal data reveals that GME surged 330% in the past 24 hours to a price beyond $0.0039.
Within that span, the trading volume was $22M, while the token’s market capitalization was almost $29M. Famous meme coins are typically founded on internet trends, world occasions, and famous persons. Besides, their deployment seeks to leverage these kinds of things.
The tokens’ limelight does not last long, as witnessed in coins founded on Charlie Munger, the late Berkshire Hathaway vice chairman, and Henry Kissinger, ex-U.S. Secretary of State, in late 2023.
Nevertheless, a few meme coins oppose the trend and stick around for long. For instance, dog-themed coins such as Ethereum’s Shiba Inu, Dogecoin, and Solana’s BONK have stuck around and experienced price surges following their earlier limelight.
GameStop to Shutter NFT Marketplace
Based on the unveiling and trading location, the GameStop token on Solana undeniably has no links to GameStop, a publicly traded firm. Further, it arrives at an unwarranted time for the company, which has been a very crypto-welcoming retailer.
A media brand contacted GameStop and will revise this article based on the response.
Earlier in January, GameStop quietly revealed its intention to shutter its nonfungible token (NFT) marketplace on February 2. This is happening after closing down its crypto wallet.
Concerning the two cases, the regulator mentioned ‘regulatory ambiguity’ in the crypto sphere. In 2022, GameStop unveiled the platform with an emphasis on gaming assets and several digital collectibles.
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