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GameStop-themed memecoin surpasses $100 million in market capitalization

The Solana Memecoin has surged over 2,000% in the past week, spurred by the GameStop stock frenzy.

GME, a Solana Memecoin parodying the American gaming retailer GameStop, has exceeded a $100 million Market Capitalization amid a surge in trading of its unrelated namesake. As of May 14, the GME memecoin has soared by 2,291% within the week, trading at $0.01449 at publication time. This surge has been largely influenced by investor interest in GameStop Corp shares, which rose by 228% in the past five trading days.

The listing of GME memecoin on centralized exchanges like Bitget and BingX has further boosted buying activity. The unexpected return of Keith Gill, credited with initiating the 2021 Reddit-driven GameStop short squeeze, has triggered another short squeeze of GameStop shares, with prices rising by as much as 111% in the 24 hours following Gill’s resurgence.

Not only individual traders but also GameStop’s CEO, Ryan Cohen, reportedly benefiting from the market euphoria with unrealized capital gains of $1 billion from the ongoing short squeeze.

Breakout of the unofficial GameStop memecoin on Solana: Source: CoinMarketCap

The frenzy surrounding memecoins has engulfed the crypto industry this year. On May 13, the Ethereum-based unofficial Pepe the Frog memecoin Pepe (PEPE) surged by over 34% to set a new high of $0.00001119 on Binance. On March 22, Solana memecoin Dogwifhat (WIF) hit a record high after a $700,000 Vegas Sphere fundraiser, briefly reaching $3 and a total market capitalization of $3 billion. On April 3, a trader reportedly turned $13,000 into $2 million by investing in Bitget Wallet’s Donotfomoew (MOEW) memecoin on the Base blockchain shortly after its launch.

However, the speculative nature of memecoin investments has drawn warnings from experts. On April 24, decentralized finance expert ZachXBT highlighted that 12 Solana memecoins raised a combined $26.7 million from investors before abruptly abandoning their projects. The most expensive of these “abandoned” presale projects was a memecoin called “I like this coin,” with the ticker LIKE.

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