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GameStop Memecoin Hits $100M Market Cap

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GameStop Memecoin Hits $100M Market Cap

GME, a parody memecoin based on GameStop, has reached a market capitalization of over $100 million as a result of increased trading activity. The GME memecoin has experienced a significant return of 2,291% in the past week, currently trading at $0.01449. This surge in interest can be attributed to the surge in GameStop Corp’s shares, which have increased by 228% in the past five trading days. The listing of GME memecoin on centralized exchanges like Bitget and BingX has also contributed to the rise in buying activity.

The unexpected comeback of Keith Gill, the trader who played a major role in the Reddit-fueled GameStop short squeeze in 2021, has fueled another short squeeze for GME shares. Following Gill’s return, GameStop’s shares rose by 111% within 24 hours. GameStop’s CEO and chairman, Ryan Cohen, who is also the largest individual shareholder with a 12% stake, is benefiting from the market euphoria. He reportedly holds $1 billion of unrealized capital gains resulting from the ongoing short squeeze.

The meme coin frenzy has taken hold of the cryptocurrency industry this year. On May 13, the unofficial Pepe the Frog memecoin called PEPE, which is based on Ethereum, experienced a significant rally of over 34% in a single day, reaching a new record high of $0.00001119 on Binance. Similarly, the Solana memecoin called Dogwifhat (WIF) reached a record high after a successful Vegas Sphere fundraising event, increasing by 25% and reaching a total market capitalization of $3 billion.

There have been instances where traders have made substantial profits from investing in meme coins. For example, a trader reportedly turned $13,000 into $2 million within a few hours by purchasing the memecoin called Donotfomoew (MOEW) on the Base blockchain. Experts have warned about the risks associated with investing in meme coins. Some projects have allegedly raised millions from investors and then abandoned the projects, causing significant losses. One example is a memecoin called “I like this coin,” which raised a significant amount of money but was eventually abandoned.

The rise of meme coins has attracted both excitement and caution from the crypto industry. While some investors have profited greatly from their investments, others have experienced significant losses due to fraudulent projects. It is important for investors to exercise caution and conduct thorough research before investing in meme coins.

10 thoughts on “GameStop Memecoin Hits $100M Market Cap

  1. I can’t believe a trader turned $13k into $2 million with a memecoin! Talk about luck! 🍀💰

  2. I can’t believe there are actually exchanges listing this GME memecoin It’s just enabling this madness.

  3. Who in their right mind would invest in GME memecoin? It’s a recipe for disaster 😡 Don’t fall for the hype!

  4. Dogwifhat (WIF) on Solana is hitting new highs after a successful fundraising event! 🎉💪

  5. PEPE memecoin is following in GME’s footsteps with a record-breaking rally! Go Pepe!

  6. Seriously? People are actually buying into this GME memecoin madness? It’s just a joke!

  7. increase in the Solana memecoin? Dogwifhat is breaking records left and right!

  8. Always do thorough research and analyze the risks before diving into meme coin investments. Stay safe!

  9. The rise of meme coins has brought both excitement and caution to the crypto industry. Stay informed!

  10. Ryan Cohen must be over the moon with his $1 billion in unrealized capital gains!

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