The meme coin market is continuing to find massive competitors based on the Solana blockchain, as its GameStop (GME) token has surged as much as 300%. Indeed, the network’s rise throughout 2024 has only grown stronger through the positive performances of its meme coin offerings throughout the first five months of the year.
The GME token has benefited from the ongoing GameStop stock saga, with the video game retail store nearly doubling in pre-market trading. The performance was connected to the return of Roaring Kitty to Reddit, with Keith Gill inciting resurgent support for the movement he first started in 2021.
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Solana Network Continues to Rise as GME Surges 300%
Throughout this year, the Solana network has been one of the digital asset sector’s most interesting stories. Specifically, the blockchain has emerged as a strong competitor to Ethereum. Its meme coin offerings had been the focus of the market’s obsession with the assets in March of this year.
That has not ceased, as Solana continues its rise through the GameStop (GME) meme coin that surged as much as 300% on Monday. Indeed, the token has also enjoyed a 1,400% surge in its trading volume over the last 24 hours alone, according to CoinMarketCap.
The buying frenzy is closely connected to Roaring Kitty and the stock development for GameStop. Keith Gill first incited the company’s short squeeze in 2021. Currently, the GME token is trading at $0.008995 and is fast approaching its $0.015 all-time high.
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LookonChain noted the ongoing volume surge since Roaring Kitty returned to Reddit for the first time in years. Moreover, they reference a “smart trader” who sold 3.5 million GME for 260 SOL, or $43,000. Additionally, they note that he still holds more than 100 million GME with a $1.3 million profit.
Conversely, the performance of the Gamestop-based meme coin is certainly positive news for Solana. At points this year, the network has beaten Ethereum in DEX volume. Moreover, GME joins assets like Dogwifhat (WIF) and Book of Meme (BOME) as major competitors within the meme coin sector.