GameStop Meme Coin on Solana Down 69% as GME Frenzy Fades

So much for the GameStop meme stock revival—and the related meme coin surge, too.

With GameStop’s recent share price gains all but evaporated, an unofficial GameStop tribute coin on Solana is similarly down after shooting to a new all-time high price this week. The GME token has dropped to a price of $0.0067, per data from CoinGecko, falling 69% from that new peak set on Wednesday.

GME on Solana, which has no official affiliation with the video game retailer, had been trading flat for weeks after launching in January and seeing a brief surge of momentum in early February. Trading volume over the last 24 hours is down to about $65 million—about one-third of this week’s peak, matching the price dip.

Even so, the GME token is still up a massive 1,080% over the past week. That’s better than the actual GameStop stock price, which is only up about 17% from last Friday’s markets close. At a current price of $20.50, GME shares are down 68% since the Tuesday peak, per data from Google Finance.

GameStop’s share price spiked on Monday following the apparent return of Roaring Kitty, aka Keith Gill, the GME enthusiast who helped spark 2021’s meme stock craze. Other so-called meme stocks, such as movie theater chain AMC, also jumped this week, along with meme cryptocurrencies.

But the buzz didn’t last, perhaps in part because Roaring Kitty hasn’t actually done much of substance since. The trader’s Twitter account continues sharing memes and edited movie clips that allude to his earlier antics and the financial system, but he hasn’t brought back his livestreams or resumed his bull posting on Reddit.

Is it game over for the meme stock surge already—or does GME have another run left in it?