GameStop Price Plummets, Should You Buy the Dip or Sell GME? This Solana Meme Coin ICO Raises Excitement
By Joel Frank
Updated on May 22, 2024, 10:05 EDT
In the wake of Roaring Kitty’s surprise return to social media after a year, the GameStop (GME) stock price has experienced a significant crash, leaving retail investors wondering whether now is the time to buy at a lower price or sell their GME holdings.
Last Tuesday, the GameStop price soared to $65, but it has since plummeted to $22. This puts it only slightly above its pre-Roaring Kitty return levels. Roaring Kitty was a prominent figure during the 2021 meme stock frenzy, with GME being one of the leading stocks at the time.
Many saw the 2021 meme stock craze as a movement led by retail investors against the dominance of Wall Street. Retail investors are hopeful that Roaring Kitty’s return could spark a new season of meme stocks.
Even US Presidential candidate Robert F Kennedy announced on Monday that he had invested $24,000 in GME, adding to the optimism. However, macroeconomic conditions suggest that a repeat of the 2021 meme stock frenzy is unlikely.
The US government is not currently providing stimulus checks, and while US equity markets are reaching new record highs, interest rates remain high as well. This combination of inflation and high interest rates has significantly impacted the spending power of retail investors.
Furthermore, there are valid reasons to be bearish on the GameStop price. GME is an inflationary asset, and the company recently announced a new stock sale. Additionally, the company continues to operate at a loss and has been forced to cut jobs due to competition from e-commerce rivals.
Instead of investing in GME, traders should consider meme coins. These speculative assets have the potential for significant gains driven by market hype. However, GME’s poor fundamentals and inflationary nature make it a less favorable choice.
Moreover, GME’s market capitalization is overinflated at around $6.5 billion, considering that the company’s real value is questionable. This reduces the likelihood of substantial gains during this market cycle.
Traders interested in meme coins should look into popular options like Dogecoin, Shiba Inu, and Pepe. These coins are likely to continue growing as cryptocurrency technology becomes more widely adopted. However, their market caps are already bloated, implying limited room for further upside.
Fortunately, new meme coins are constantly emerging, though many of them are scams or pump-and-dump schemes. Savvy traders may be able to identify hidden gems that offer 100x returns. One such coin that experts at Cryptonews are optimistic about is the Solana meme coin ICO, Sealana (SEAL).
Sealana features an adorable overweight seal character, and it has generated significant excitement since its presale launch. The ICO has already raised over $2.35 million from early investors, thanks to its strong presence on social media platforms like Twitter and Telegram.
The success of Sealana’s marketing and presale is reminiscent of Slothana (SLOTH), another Solana meme coin that raised over $15 million during its presale. SLOTH’s market cap exceeded $100 million following its launch, offering substantial returns to early investors.
SLOTH recently debuted on the top-ten crypto exchange HTX, which could drive its price even higher as more retail investors join the market. Traders hope that SEAL’s success will mirror that of SLOTH, especially considering the rumored connection between the two teams.
If Sealana can secure exchange listings soon after its launch, similar to SLOTH, it could potentially be the best new Solana meme coin ICO to invest in right now.
Investors can purchase SEAL by connecting their web3 wallet on Sealana’s official website and using SOL, ETH, USDT, or USDC. It is also possible to buy Sealana with a credit card.
Disclaimer: Cryptocurrency is a high-risk investment. This article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.