A Solana-based meme coin impressed by GameStop’s GME shares has surged to over US$31 million in market capitalization in simply three days.
The brand new cryptocurrency, which additionally has the GME ticker, rose by greater than 285% prior to now 24 hours, echoing GameStop’s headline-making inventory market saga.
In January 2021, GameStop skilled a dramatic inventory surge as a result of a brief squeeze largely pushed by customers of the Reddit discussion board r/wallstreetbets, inflicting heavy losses on hedge funds and brief sellers.
This occasion additionally impacted different closely shorted shares and cryptocurrencies. Customers of subreddits r/SatoshiStreetBets tried to recreate the GME value pump with Dogecoin.
As reported by Decrypt, GameStop introduced earlier this month that will probably be closing its non-fungible tokens (NFT) market on Feb. 2, citing regulatory uncertainty. The corporate had beforehand discontinued its crypto pockets service for a similar purpose.
Nonetheless, it seems the NFT market has been in the course of a resurgence, CryptoSlam knowledge suggests.
Final December, world NFT gross sales topped US$1.77 billion, the best since recording practically US$3.4 billion in Could 2022. NFT gross sales is on tempo to cross US$1 billion for the second straight month, the primary time it has executed so since final February.
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