GameStop Meme Coin on Solana Plummets as GME Fever Cools

The shares price of game retailer GameStop seem to have leveled off after last week’s spike, but the GME tribute meme coin hasn’t fared as well. The token, which trades on Solana and has no connection to the company, is down more than 58% in the last week and close to 16% in the past 24 hours, per data from CoinGecko.

The meme coin has had a turbulent month. It spiked early in June when influencer Roaring Kitty (aka Keith Gill) made a comeback after several years and promptly upped his GameStock holdings to 9 million shares.

The company’s share price also skyrocketed, peaking at around $46.55 on June 6, more than double what it was just a week prior.

GME shares—and the meme coin—may also have been buoyed by early-June news that the company beefed up its cash on hand with the completion of its at-the-market equity offering, securing proceeds of $2.1 billion.

But a lackluster shareholder meeting on Monday prompted shares to fall back to around $25, roughly the same level they had been prior to the Roaring Kitty hype—despite CEO Ryan Cohen’s attempts to highlight the company’s “strong balance sheet.”

The GME token also fell, hitting its lowest price in more than two weeks overnight.

At just over $0.008, the price of the GME token remains well ahead of its pre-June level, when it hovered in the range of $0.003 to $0.004. However, it has fallen considerably from its June 7 peak of slightly more than 3 cents per token. Trading volume has also plunged to around $53 million, about half the level of just a week ago.

This is not the first time the meme token has behaved erratically. A month ago it experienced a similar, though smaller, spike followed by a plummet. When it leveled off in late May, though, it was considerably higher than it had been prior to the spike.

It remains to be seen if the same happens again.

Edited by Ryan Ozawa.