Solana-based meme token GME, which drew inspiration from GameStop but has no official affiliation, experienced a significant decline, dropping 50% in just a few hours. The token had soared in value earlier in the week, increasing more than three-fold. However, the sharp decline on Friday wiped out a substantial portion of those gains.

This downward spiral coincided with the return of Keith Gill, the popular retail trading legend also known as Roaring Kitty or DeepF*ckingValue, to his livestream after several years. Gill's appearance on the livestream coincided with a tumultuous period for GameStop (GME) shares, which had already fallen by 25% in morning trading.

The decline in GameStop shares came as a result of the company's release of its first quarter earnings report, along with a 75 million share offering. This move was made in response to the significant surge in stock price earlier in the week. Gill attempted to present his long-term bullish case for GameStop during his livestream, but the shares continued to plummet, ending the day 40% lower.

Gill, who returned to social media last month after three years of silence, unleashed a speculative frenzy surrounding GameStop. This frenzy spilled over into the memecoin market, with various opportunistic tokens launching on the Solana blockchain.

In a Reddit post on Thursday, Gill disclosed that his stock and options position was valued at $586 million at the time. This revelation further fueled interest in GameStop and the associated memecoin market.

While the Solana-based meme token GME experienced a significant decline, it is still worth noting that its value had increased more than three-fold earlier in the week. The volatility in the market highlights the influence and impact of retail trading legends like Keith Gill, whose return to the livestream coincided with the decline in GameStop shares.

Investors will closely monitor the developments in the memecoin market, particularly the Solana-based GME token, to gauge the overall sentiment and potential for future gains.

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