Solana-memecoin 'GME' explodes 150% ahead of Keith Gill's YouTube return

Solana-Based GME Coin Surges Amidst Keith Gill's YouTube Return

Solana-based GME coin (GME), a memecoin inspired by the 2021 GameStop short squeeze, has witnessed a remarkable surge of over 150% in the past 24 hours, reaching a value of $0.029 on June 7th.

This price explosion followed the announcement by Keith Gill, also known as Roaring Kitty, of his return to YouTube on June 7th after a three-year hiatus.

GME Memecoin Soars 750% in a Week

Gill's return sparked renewed interest in GameStop-related investments. GME crypto prices have surged by over 730% since June 2nd, when Gill revealed his renewed trading activity in GameStop shares.

The value of GameStop shares also rose significantly after Gill's announcement, with an increase of over 110% since June 2nd.

Keith Gill's YouTube Return Sparks Speculation

Gill's announcement has generated widespread speculation about his potential bullish stance on GameStop stock. The anticipation surrounding his return has fueled excitement within the investor community.

For instance, one trader reportedly made $1.5 million by investing $2 million worth of Solana's native token SOL into the GME memecoin.

Sell-the-News Risk

However, analysts caution that GME coin remains susceptible to significant price corrections once Gill's YouTube livestream concludes. This "sell-the-news" phenomenon typically occurs when prices rise in anticipation of an event and then decline once it has passed.

Technical Analysis Indicates Overbought Conditions

From a technical perspective, the Solana GME token has reached an overbought condition, with a daily relative strength index (RSI) of approximately 82. This suggests that the token may face potential corrections as the market adjusts to its recent surge.

Additionally, the token displays a bearish divergence between its rising price and falling RSI momentum, signaling buying exhaustion among bullish traders.

Should a pullback occur, GME's immediate downside target for June is around $0.228. A more significant correction could target its 50-day exponential moving average (50-day EMA) at approximately $0.005.

This article does not provide investment advice and readers should conduct their own research before making any investment decisions.