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Gamestop’s popularity peaked during the last month when Roaring Kitty (Keith Gill) disclosed his support for the company. The meme coin had a big rally that time rising to an all-time high of $0.03207 before following a downtrend. The token is now almost 79% away from the ATH, but the price is rising again this week, which might drive it closer. With a surge of 18% in the last 24 hours, the Gamestop price is $0.006789 with a market capitalization of $46,740,898. The network activity is also rising, as it is presently at $27,939,406 after a 10% hike.
Why Gamestop Price Is Rising?
Since its launch, Gamestop price charts showcase three major rallies, each followed by a complete downtrend, and this is what happened after its June rally. However, as the price began to rise today, it might be a hint towards the upcoming rally.
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Despite the setdown, the popularity of this token has not plummeted. It is because of its past profiting rallies, maintaining its demand in anticipation of upcoming rallies.
Crypto Marekt Recovery
The current surge in the Gamestop price is mainly because of the recovery in the market as the user’s sentiments are moving towards greed per fear and greed Index, indicating rising confidence. This increased the trading activity, influencing the crypto price, including GMEs.
Additionally, the Bitcoin price has surged to $65.8K, which is quite impressive considering its recent fall below $54K. Bitcoin’s surge has boosted the altcoin’s performance as well.
Surge In The Gamestop Stock Price
GME meme coin has no connection with Gamestop Corp, a famous video game retailer, but despite that, its price is influenced by the company stock values. The surge in the Gamestop price comes after the stock value surged by 4% today and 15% over the month.
It is currently valued at $29.6 and is at its highest point in over a month, pumping the Gamestop and another related meme coin, Kitty AI’s value. The impact is higher in the KITTY price, which is trading at $0.004835 after a 21% surge in the last 24 hours.
Final Thoughts
The surge in Gamestop price is not sudden, as it has been attempting the same for some time, but with the presence of short sellers, the surge did not last long. The current surge is because of the rise in the Gamestop stock value and the improved market conditions. The next few hours are crucial to analyze how the meme coin will move next to conclude whether to buy or sell.
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