GME, a Solana -based memecoin that follows American gaming retailer GameStop, has surpassed $100 million in market Capital .
As of press time, memecoin GME has returned 2.291% over the past week and is trading at $0.01817. The move was largely driven by investor interest in shares of GameStop Corp., listed on the New York Stock Exchange, which have surged 228% in the past five trading days.
Additionally, the listing of GME memecoin on centralized exchanges such as Bitget and BingX appear to have driven buying activity.
It appears that the sudden, unexpected return of Keith Gill – the trader widely credited with initiating the Reddit-fueled short sale of GameStop in 2021 – has led to another round of GameStop stock frenzy among enthusiastic investors. In the 24 hours after Gill returned to X, GameStop shares jumped 111%.
It's not just ordinary day traders who benefit from the market euphoria.
Ryan Cohen – GameStop's CEO, chairman and largest individual shareholder with a 12% stake – is said to hold $1 billion in unrealized profits arising from the ongoing price surge.
The memecoin hysteria has affected much of the cryptocurrency industry this year.
On May 13, Ethereum-based memecoin PEPE ( PEPE) , surged more than 34% in a single day to set a new record high of $0.00001119 on Binance.
On March 22, the price of the Solana -based memecoin Dogwifhat (WIF) hit a record high following a $700,000 Vegas Sphere fundraiser . Immediately after the campaign ended, WIF's price skyrocketed 25%, quickly pushing the Token to $3 USD and a total market Capital of $3 billion.
