GME, the unofficial Solana memecoin parody of US gaming retailer GameStop, has surpassed $100 million in market capitalization amid frenzied trading in its namesake (but unrelated) entity.
As of May 14, GME memecoin had returned 2,291% over the past week and was trading at $0.01449 at the time of publication. The move was largely driven by investor interest in shares of GameStop Corp, which is listed on the New York Stock Exchange and has surged 228% over the past five trading days.
Also, Bitget on GME memecoin, BingX It appears that there has been purchasing activity.
The sudden and unexpected return of trader Keith Gill, widely credited with initiating the Reddit-introduced GameStop short sale in 2021, appears to have sparked another round of short selling of GameStop stock among enthusiastic investors. In the 24 hours following Gill’s return to X, GameStop’s stock price rose 111%.
It’s not just ordinary everyday traders who benefit from market euphoria.
Ryan Cohen — GameStop’s CEO, Chairman and largest individual shareholder with 12% stake — According to reports We have $1 billion in unrealized capital gains resulting from ongoing short squeezes.
Memecoin hysteria has gripped much of the cryptocurrency industry this year.
On May 13, Pepe (PEPE), the unofficial Pepe the Frog memecoin minted on Ethereum, rose more than 34% in one day to hit a new high of $0.00001119 on Binance.
On March 22, the price of Solana memecoin Dogwifhat (WIF) hit an all-time high following a $700,000 Vegas Sphere fundraiser. Immediately after the campaign ended, the price of WIF soared 25%, briefly pushing the token to $3 and giving it a total market cap of $3 billion.
On April 3, a trader converted $13,000 into $2 million in a matter of hours by purchasing Bitget Wallet’s Donotfomoew (MOEW) memecoin, deployed on the Base blockchain, shortly after launch and selling the position after MOEW gained traction. It is known that
The apparent recklessness of investors betting on memecoins has prompted warnings from experts.
ZachXBT, a prominent decentralized finance detective, said in a statement on April 24 that 12 Solana memecoins suddenly abandoned their projects after raising a total of $26.7 million from investors. According to ZachXBT, the most expensive “abandoned” pre-sale project was a memecoin named “I like this coin” with the symbol LIKE.
Related: Memecoins Rally As Bitcoin Recovers All-Time Highs.