Rally

Reddit

GameStop

Billion

Coin

<p>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 <a href="https://coingape.com/blog/why-is-gamestop-gme-price-pumping/" target="_blank" rel="noopener noreferrer nofollow">GameStop (GME) meme coin</a> has rallied by a staggering 2200% in the last 24 hours. This has also led to a strong rally across the meme coin sector.</p>
<h3 id="gamestop-rally-triggers-2021-like-meme-coin-party">GameStop Rally Triggers 2021-Like Meme Coin Party</h3>
<p>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%</p>
<p>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.</p>
<figure id="attachment_196776" aria-describedby="caption-attachment-196776" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-196776" src="https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop.jpeg" alt="" width="2614" height="1726" srcset="https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop.jpeg 2614w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-300x198.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-1224x808.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-768x507.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-1536x1014.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-2048x1352.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Memecoin-GameStop-150x99.jpeg 150w" sizes="(max-width: 2614px) 100vw, 2614px">
 <figcaption id="caption-attachment-196776" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1790169149337178396" target="_blank">Santiment</a>
 </figcaption>
</figure>
<h3 id="short-seller-losses-cross-1-billion">Short Seller Losses Cross $1 Billion</h3>
<p>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.</p>
<p>Monday’s astounding surge in GameStop’s stock price inflicted losses nearing $1 billion on short sellers, as reported by data from S3 Partners.</p>
<p>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.</p>
<p>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”.</p>
<p>The post <a href="https://coingape.com/meme-coin-party-begins-after-gamestop-rally-adds-5-billion-to-index/" rel="noopener noreferrer nofollow">Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index

Table of Contents

Coingape News Media

Other articles published on May 14, 2024

Cardano (ADA) Price May Fall Below Support as Bearish Pressure Mounts

Can Cardano whales help overcome ADA’s 7% drop in value?

Newly Launched Bitcoin, Ether ETFs in Hong Kong. A Failure?

Crypto News Today: Market Rallies Ahead of U.S. Data Release

XRP News: Binance To Cease Support For XRP With A Condition

Most Trending Cryptocurrencies on Polygon – Klima DAO, Ojamu, BTU Protocol

Join our free newsletter for daily crypto updates!