A few days ago, GameStop announced the launch of its self-custodial Ethereum wallet on Loopring’s L2 for interacting with crypto, NFTs and dApps.
This news has resulted in an explosion of interest in GameStop on social media.
🎮 #Gamestop‘s digital asset wallet, which allows gamers to circulate #crypto and #NFT‘s on browsers, caused a social volume surge Monday. The $ETH-based wallet has received positive, to sarcastic, to hateful reactions, and is polarizing to say the least. https://t.co/HT0M3q3i5E pic.twitter.com/tjuEdndYyG
— Santiment (@santimentfeed) May 24, 2022
In fact, after the boom of interest on 23 March, the attention on social for GameStop (GME) had literally plummeted. Monday’s news, however, generated a sudden spike in mentions on social networks, a clear sign that it hit the mark.
Santiment reveals that GME’s Ethereum wallet has not only received positive reactions, but there have also been several sarcastic or even outright hateful ones.
It is worth noting that it is not only cryptocurrencies and Ethereum that are divisive topics, but also GameStop itself, given what happened at the beginning of last year.
GME stock went on a buying spree driven by a group on Reddit, with their price skyrocketing from $19 to over $480 in a matter of days, only to drop back down to around $50 just as quickly. All this in just three weeks.
Subsequently, the price rose back above $300 twice, in March and June 2021, and then fell back to around $90 today.
The case really caused quite a stir and GameStop became a world famous company, more so than it had been before.
If we add to this the attempted relaunch in the world of cryptocurrencies and NFTs, the hype did not struggle to return, despite several months of decline.
The market reaction: GME stock and ETH price
It is worth noting that GME’s share price on the stock exchange did not change much on the day of the announcement and on the following day, i.e. yesterday, it fell by 7%. However, it is worth mentioning that many technology stocks lost significantly on the stock exchange yesterday, with Meta (formerly Facebook), for example, losing 7.6%.
It seems that investors and speculators did not care much about the news of the launch of the Ethereum wallet, while commentators on social networks were very impressed.
Among other things, Santiment pointed out that the average fees per transaction on the Ethereum blockchain have recently dropped to the lowest level since July last year, i.e. to $2.54 per transaction. He added that, historically, the price of ETH tends to rise when fees fall below $5.
