GME Coin Skyrockets 50%, GameStop Memecoin Sells Well!

Bittime - At the beginning of June 2024, a number of memecoin cryptocurrencies showed impressive performance, although the prices of Bitcoin, Ethereum and other major altcoins were still moving slowly without a clear direction.

Meme coins such as GameStop (GME) and Notcoin (NOT) are starting to attract the attention of investors with significant upside potential, even though these two tokens have only just hit the market.

This phenomenon highlights the dynamics of the crypto market which is often influenced by community trends and speculation, creating its own opportunities and challenges for investors. With great enthusiasm, let's explore how GameStop (GME) and Notcoin (NOT) managed to steal the spotlight amidst the sluggishness of the main crypto markets.

GameStop (GME) Price Jumps 50%

GameStop is a meme coin that was recently launched in honor of GameStop Corp (GME) shares. This stock is considered a meme stock that attracts great interest from investors targeting drastic price increases.

The share price increase began after reports of posts by “Roaring Kitty,” an investor with substantial ownership in the video game company. GameStop shares jumped to $44 (Rp. 704,000) on Monday from $22 (Rp. 352,000), marking a 50% increase.

According to reports, this huge increase in shares occurred after a post on Reddit showing screenshots related to Keith Gill. Investors claim to have bought 5 million GME shares, representing almost 2% of the company's $100 million (Rp. 1.6 trillion) value. While the legitimacy of the post has not been confirmed, GME shares exploded before dropping again and trading at $27 (Rp. 432,000) on Tuesday.

GME Coins Sell Well

Investors in the crypto market also rushed to meme coin GameStop (GME), which surged to $0.0185 (Rp. 296)—a 384% price increase. However, profit-taking quickly wiped out those gains, resulting in the price dropping to $0.008 (Rp. 128).

Meme coin GameStop (GME) is now trading at $0.012 (Rp. 192) after another attempt to mirror Monday's rally suddenly stopped at $0.014 (Rp. 224).

Based on technical indicators on the four-hour chart, GME could face further correction during the US trading session on Tuesday.

Why Are Meme Coins Tempting?

Meme coins are attracting attention due to their strong community factor and social media hype. Investors are often interested in participating in active and dynamic communities, which can drive the price of meme coins up significantly in a short period of time.

However, it is important to remember that investing in meme coins also comes with high risks. Extreme volatility can lead to huge losses in a short period of time. Therefore, investors are advised to conduct in-depth research and consider the risks before investing in meme coins.

Conclusion

The first week of June has shown that meme coins like GameStop (GME) and Notcoin (NOT) have the potential to reach high price levels despite being new to the market. The significant price increase and interest from the crypto community suggests that meme coins could be an attractive investment option for those willing to take the risk.

However, high volatility and market uncertainty remain important factors that investors must pay attention to. Conducting in-depth research and understanding the risks is an important step before investing in meme coins.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study Complete Guide How to Buy Crypto on Bittime.

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.