Two memecoins seeking to capitalize on GameStop have experienced price increases following the company’s stock price rise.
Cryptocurrencies GME and KITTY surged 18.7% and 55%, respectively, according to cryptocurrency price data from CoinGecko. According to CoinGecko, as of 4:36 PM ET (20:36 UTC) May 28, GME was trading at $0.0047 and KITTY was trading at $0.0035.
Memecoin price rose along with GameStop stock, which was trading at $23.78 at 4:19 PM (20:19 UTC) on May 28. According to the NYSE, the company’s stock price is up 25.16% in the last 24 hours.
However, neither token has anything to do with GameStop.
GME is a memecoin that uses the same ticker symbol as GameStop stock. The name KITTY comes from Roaring Kitty, the online username of Keith Gill, a former financial analyst who participated in GameStop shorting three years ago.
Continued memecoin growth
Rebecca Stevens, senior research analyst at The Block, said Memecoin has grown extensively over the past year. According to the GMCI Mimcoin Index, Mimcoin not only rose 2.26% the previous day, but the sector also grew 41.4% last month and 310% since the beginning of the year.
“The MEME index continues to dramatically outperform its peers even after a stellar rally in early March,” Stevens wrote in The Block’s Data & Insight newsletter. “Although the memecoin hype has slowed somewhat over the past month, the index has been able to maintain much of the upside. It was trading below 100 at the start of the year.”
“The Top 30, Layer 1 and DeFi indices all also surged last week, but only the Meme index returned to within range of previous highs reached in March. Layer 2 and DePIN indices remained mostly flat,” Steven added. . .
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