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GameStop memecoin experiences record volume amid 300% surge

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Gamestop memecoin has spiked yet again, bringing significant gains to its holders. 

Gamestop’s memecoin volume crosses $490 million, here is why

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  • GME started the month with an over 300% spike in value.
  • The volume has set another ATH record.

U.S. financial analyst Keith Gill’s actions once again stirred the market, triggering another surge in the GameStop memecoin. This surge followed a similar rise in the stock equivalent after Gill reactivated his account on Reddit.

GameStop memecoin resurgence

On 3rd June, the value of GameStop memecoin soared by over 300%. This surge was attributed to posts by Keith Gill, also known as Roaring Kitty, on X and Reddit.

Gill’s account posted a reverse UNO card on X, which sparked various interpretations. 

Meanwhile, on Reddit, the investor shared details of his GME stock holdings and options. Before this, Gill had been inactive on X for over two weeks and on Reddit for over three years.

Gill’s post also led to a surge in GameStop’s stock price. This isn’t the first time his social media activity has caused such reactions. In May, a post on X after years of absence stirred speculation, resulting in a significant surge in the GME memecoin’s value.

GameStop memecoin’s 300% spike

Analysis of GameStop memecoin on a daily timeframe revealed a spike of over 300% by the close of trading on 3rd June.

The memecoin surged by 269.27%, climbing from approximately $0.00038 to $0.014. In May, it experienced a remarkable rise of over 1,500% following Roaring Kitty’s post.

Gamestop price trend

Source: TradingView

At the time of writing, GameStop memecoin was trading at around $0.012, marking a decline of over 14%.

Additionally, the spike pushed it into the overbought zone according to its Relative Strength Index (RSI), which exceeded 70 before declining due to the price drop.

Analysis of GameStop memecoin’s volume on Santiment also showed a significant spike. On 3rd June, the volume surged from around $19 million to over $490 million, marking the highest volume in years.

As of the latest data, the volume was nearly $328 million.

Gamestop volume

Source: Santiment

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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