What’s up must come down again: that’s broadly true for cryptocurrencies but especially for meme coins, which can swing violently in either direction based on social media sentiment and other factors. Latest case in point, the GameStop-inspired GME coin, which is plunging after a rapid rise this week.

Minted on Solana, GME has dropped over 52% on the day according to data from CoinGecko, dropping to a current price under $0.0046. Launched less than a week ago, GME popped to an all-time high price of nearly $0.012 on Thursday but has fallen about 67% since.

The so-called GameStop token is not affiliated with the storied video game retailer. The company has not promoted it at all, and did not respond to a request for comment from Decrypt earlier this week.

However, that’s common for meme coins, which are often created by “degen” traders to capitalize on the name of a public figure, brand, or news event—or, as the term implies, a popular internet meme. Examples of meme tokens include Go to Source to See Full Article
Author: Andrew Hayward

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