Sign Up on MEXCGameStop Stock Soars 75% Sparking Meme Coin Frenzy
Highlights
- GameStop rally on Wall Street pushed the entire meme coin sector up by 10% on Monday.
- Lower cap meme coins like PEPE and MEGA has registered gains to the tune of 35% and more.
- $GME and $ROAR recorded gains of a staggering 1800% and 4100% respectively.
GameStop Corp (NYSE: GME) is back in action once again leading to a strong frenzy on Wall Street. On Monday, May 13, the GameStop (GME) price rallied by a strong 75% shooting all the way to $30.45, with the GME stock price pumping an additional 21% in the aftermarket hours. Interestingly, the GameStop (GME) meme coin has rallied by a staggering 2200% in the last 24 hours. This has also led to a strong rally across the meme coin sector.
GameStop Rally Triggers 2021-Like Meme Coin Party
According to on-chain data provider Santiment, the memecoin market witnessed an attention-grabbing kickoff to the week, marked by notable breakouts and decouplings within the past 24 hours. Trading volumes among the top 50 assets in the meme coin sector surged by over 34%. Furthermore, this sector alone has added $5 billion to investors’ wealth in the last 24 hours. The dogecoin (DOGE) price has surged 10%
Coins like $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS are now attracting considerable interest, presenting potential opportunities for significant volatility. These developments highlight the dynamic nature of the memecoin market, prompting investors to keep a close watch on these assets.
Short Seller Losses Cross $1 Billion
During the 2021 pandemic period, Reddit traders, led by Keith Gill, orchestrated a remarkable turnaround against hedge funds that had been profiting from short positions on what they perceived to be a struggling brick-and-mortar game store. This unexpected surge of support sent the price of GME skyrocketing by over 1,000% in less than a month.
Monday’s astounding surge in GameStop’s stock price inflicted losses nearing $1 billion on short sellers, as reported by data from S3 Partners.
As GameStop surged by 74%, hedge funds engaged in short selling faced a mark-to-market loss totaling $838 million in the brick-and-mortar video game retailer, according to data from S3 Partners.
The abrupt uptick in the stock price appeared to be instigated by “Roaring Kitty,” who previously rallied a legion of day traders to invest in the gaming stock in 2021, a historic event in Wall Street’s annals. Ihor Dusaniwsky, S3 managing director of predictive analytics said: “Expect short covering in this stock as it already had a 100/100 squeeze score prior to today’s trading”.
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
