The Solana-based GME coin (GME), a memecoin paying homage to the 2021 GameStop short squeeze, has seen a staggering surge of over 150% in the past 24 hours, reaching $0.029 on June 7. This surge coincided with the announcement of Keith Gill's return to YouTube after a three-year hiatus.

Gill, also known as Roaring Kitty, was a central figure in the original GameStop short squeeze saga of 2021. His recent online activity, including trading GameStop shares again, has reignited interest in GameStop-related investments. Consequently, GME crypto prices skyrocketed by over 730% since June 2, mirroring the surge in GameStop stock value.

However, Gill's YouTube announcement lacked specifics on his discussion topics or investment positions, fueling speculation about his bullish stance on GameStop stock. This anticipation has led to excitement among investors, with one trader reportedly making $1.5 million by investing $2 million worth of Solana's native token into GME memecoin.

Nevertheless, the GME coin remains at risk of significant price corrections, particularly after Gill's YouTube livestream. The "sell the news" phenomenon, where prices drop after the release of anticipated news, could lead to sharp corrections in GME's price, similar to the Dogecoin crash following Elon Musk's mention on Saturday Night Live in May 2021.

From a technical standpoint, Solana's GME token has reached overbought conditions, with its daily relative strength index (RSI) at approximately 82. This suggests potential corrections ahead, especially considering the bearish divergence between its rising price and falling RSI momentum on the daily chart. If a pullback occurs, GME's immediate downside target for June could be around $0.228, with a more significant correction potentially leading to a downside target of approximately $0.005, representing an 80% decrease from the current price level.