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

cryptodailyPublished on 2024-06-04Last updated on 2024-06-09

The Solana-based GME 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.

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.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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