GME, an unofficial Solana memecoin parody of American gaming retailer GameStop, has surpassed $100 million in market capitalizarion amid a trading frenzy of its namesake entity.
As of May 14, the GME memecoin has returned 2,291% within the past week and trades at $0.01449 at the time of publication. The move was largely fueled by investor interest in shares of GameStop Corp, listed on the New York Stock Exchange, which havd surged 228% in the past five trading days.Keith Gill’s sudden and unexpected return
—the trader widely credited with kicking off the 2021 Reddit-infused GameStop short squeeze—has led to yet another short squeeze of GME shares among enthusiastic investors. In the 24 hours following Gill’s return to X, shares of GameStop rallied as much as 111% in price.The memecoin hysteria has gripped much of the crypto industry this year.
On May 13, the unofficial Pepe the Frog memecoin PEPE, minted on Ethereum, rallied over 34% in a single day to set a. Immediately following the campaign’s conclusion, WIF’s price spiked 25%, briefly pushing the token to $3 and a total market capitalization of $3 billion. On April 3, a trader reportedly turned $13,000 into $2 million within several hours by purchasing Bitget Wallet’s Donotfomoew memecoin, deployed on the Base blockchain,The apparent recklessness of investors gambling on memecoins has attracted warnings from experts.from investors and then abruptly abandoned the projects. According to ZachXBT, the most costly “abandoned” presale project was a memecoin dubbed “I like this coin,” which sported the ticker LIKE.