GameStop

Elon Musk

The Solana-based <a href="https://coinmarketcap.com/currencies/gme/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">GME </a>coin (GME), a memecoin inspired by the 2021 GameStop short squeeze, saw its value jump over 150% to $0.029 on June 7.
This dramatic increase coincided with the announcement from Keith Gill, known as Roaring Kitty, about his return to YouTube after three years.
Gill, a key figure in the 2021 GameStop trading frenzy, recently hinted at active trading in GameStop shares, triggering a resurgence of interest in GameStop-related investments.
Since June 2, the price of GME cryptocurrency has skyrocketed over 730%, following Gill’s disclosure of trading GameStop’s stock, which itself has soared by more than 110% since his announcement.
Despite the lack of detailed content in Keith Gill’s YouTube announcement, it spurred significant speculation that he might be optimistic about GameStop’s future.
This anticipation has electrified the investor community; one notable instance involved a trader who turned a $2 million investment in Solana’s native token into a $1.5 million profit through GME memecoin.
Gill’s upcoming livestream, scheduled for noon New York time, is poised to potentially impact both GameStop shares and related cryptocurrency tokens further.
However, there’s a looming risk of sharp price corrections for the GME coin, especially once Gill’s livestream concludes.
This potential downturn aligns with the “sell the news” phenomenon prevalent in financial markets—prices often surge in anticipation of an event and plummet after the fact as traders sell to capitalize on the hype.
READ MORE: <a href="https://www.cryptointelligence.co.uk/fidelity-strategist-matt-horne-recommends-small-bitcoin-allocation-for-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors</a>
A similar scenario occurred in May 2021 when Dogecoin plummeted by 25% just minutes after Elon Musk mentioned it during a “Saturday Night Live” episode, despite reaching a peak shortly before his appearance.
Technical analysis of the GME token reveals a relative strength index (RSI) of around 82, signaling that it might be overbought.
This suggests possible forthcoming corrections similar to an 80% drop experienced in May.
Additionally, a bearish divergence is forming between the rising price and falling RSI momentum, indicating potential exhaustion among buyers.
Should the market correct, the immediate target for GME in June could be around $0.228, corresponding to the 1.618 Fibonacci retracement level.
In the event of a more significant downturn, the key target might be the 50-day exponential moving average at about $0.005, an 80% decline from its current price.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Solana-Based GME Memecoin Skyrockets 150% Following Roaring Kitty’s Return to YouTube

Crypto Intelligence

Other articles published on Jun 9, 2024

Zypto App: Making Cryptocurrency Easy for Everyone

Investors Seize Buying Opportunity During Market Dip

Shiba Inu Trading Volume Surges 110%

Investors Flee Dogeverse, Tron as MoonBag The Best Presale in 2024 Set to hit $0.25 by Nov

Bitcoin Volatility Hits Historic Lows Before June 7 Decline

BNB Token Surge Enriches Binance Founder – CZ In US Jail

Join our free newsletter for daily crypto updates!