GameStop memecoin surpasses DOGE and SHIB with a 24% surge

• Exciting news! The Solana memecoin GME, inspired by GameStop, just experienced a whopping 23.81% surge in the last 24 hours.
• It’s amazing how influential social media figures like Keith Gill and Elon Musk can still impact the prices of memecoins!

In a recent twist of fate, the shares of U.S. video game company GameStop (GME) have skyrocketed by over 640% thanks to retail investor Keith Gill, also known as Roaring Kitty, who made a triumphant return to social media last month.

As of now, the stock is down by 0.58%, trading at $29.84.

Interestingly, this surge coincided with short-seller Citron Research’s decision to close their short position in GameStop’s stock.

In a tweet on X, Citron Research explained their move as a response to the “market’s irrationality” and the “cult-like” behavior of GameStop shareholders, stating,

“Citron is no longer short $GME. It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $5 billion in the bank, they have enough runway to appease their cult-like shareholders.”

GME Memecoin Impact

While the GameStop-inspired Solana [SOL] memecoin GME typically mirrors the stock’s behavior, this time it took a different path, witnessing a remarkable 23.81% surge in the past 24 hours, as reported by CoinMarketCap.

During the same period, the price surge of GameStop memecoin outpaced popular memecoins like Dogecoin [DOGE] and Shiba Inu [SHIB], with Dogecoin seeing a 6% increase and Shiba Inu only at 3.7%.

However, analysis of Santiment data by AMBCrypto highlighted a significant difference in social dominance between DOGE and GME, with DOGE clearly overshadowing GME.

Source: Santiment

Gill’s Impact on GME

Notably, both Dogecoin and GameStop share a common trait where their prices are swayed by social media icons.

Elon Musk often influences Dogecoin, while Keith Gill, aka Roaring Kitty, does the same for GameStop. Since his reemergence on the 13th of May, Gill has significantly impacted the stock and the memecoin’s price movements.

However, this influence isn’t universally welcomed, as highlighted by Former SEC Chair Jay Clayton in a recent CNBC interview, expressing,

“It bothers me on many levels— It’s a lot closer to gambling than trading and it is certainly not investing.”

Memecoin Performance

Despite mixed sentiments, an analysis of the GameStop-inspired memecoin’s performance revealed that the Relative Strength Index (RSI) is above the neutral line, signaling strong bullish momentum.

However, if the memecoin drops below the $0.0157 support level, it might indicate an incoming bearish trend.

Source: TradingView

An analysis of Santiment data by AMBCrypto indicated that key indicators like positive sentiment and social volume show no clear signs of improving investor sentiment.

Source: Santiment