GameStop’s 75% Surge Reignites Memecoin Rally
Qadir AK14 May 20242 min read
The recent surge in GameStop’s stock has set off a frenzy in the world of meme coins. On Monday, May 13, GameStop’s stock price shot up by a whopping 75% to hit $30.45, followed by an additional 21% surge after trading hours. This surge also triggered a staggering 2200% rally in the GameStop meme coin within just 24 hours, sparking a broader market rally.
A Blast from the Past
This surge echoes the 2021 phenomenon when Reddit traders, led by the infamous Keith Gill, also known as “Roaring Kitty,” drove GameStop’s stock price up over 1,000% in just a month. This recent surge has caused significant losses for hedge funds involved in short selling, reportedly reaching nearly $1 billion, as revealed by S3 Partners.
Riding the Wave!
According to on-chain data from Santiment, the meme coin sector witnessed an impressive 34% surge in daily trading volume, adding a staggering $5 billion to investors’ wealth. Notably, the top 50 assets capitalized on this rally, with notable surges seen in dogecoin (DOGE), which witnessed a 10% surge. Other coins like $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS also gained traction, showcasing the dynamic and volatile nature of this sector.
Top Gainers
The GameStop rally has ignited a surge in social media activity surrounding meme coins. FLOKI, for example, saw a remarkable 145% surge in social interest. Similarly, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, WIF, and BONK experienced significant gains in both social volume and trading prices.
PEPE set a new all-time high, hitting $0.00001023, marking a substantial 17.1% price increase. DOGE, SHIB, WIF, FLOKI, and BONK recorded gains of 6.7%, 5.3%, 3.8%, 8.8%, and 4.1%, respectively. Trading volumes for these tokens soared by more than 200%, with SHIB and FLOKI experiencing over 400% increases.
Politics In Play?!
The surge also impacted the political meme coin MAGA (TRUMP), which surged by a remarkable 22.8%. This surge potentially benefits Donald Trump, whose Ethereum wallet reportedly holds nearly $5 million worth of TRUMP tokens. Overall, the meme coin category saw an impressive 6% surge in the last 24 hours.
So, What’s Next?
Furthermore, the current trend took an interesting turn as Keith Gill, aka Roaring Kitty, started posting cryptic messages on X, hinting at further moves to boost GameStop stock. This could potentially prolong the gains in meme coins, with investors closely monitoring these developments for opportunities in the volatile market.
Also Check Out The: GameStop (GME) Inspired Memecoin on Solana Network Rallies Over 300%
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