Frog

Solana

April

Sphere

GameStop

GME, an unofficial Solana memecoin parody of American gaming retailer GameStop, has surpassed $100 million in market capitalization amid a trading frenzy of its namesake (but unrelated) entity.&nbsp;
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.&nbsp;
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 Breakout of the unofficial GameStop memecoin on Solana: Source: CoinMarketCap
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In addition, the GME memecoin’s listing on centralized exchanges such as <a href="https://www.bitget.com/support/articles/12560603809549" target="_blank" rel="noopener nofollow">Bitget</a> and <a href="https://twitter.com/BingXOfficial/status/1790307229125759351" target="_blank" rel="noopener nofollow">BingX</a>&nbsp;appears to have propelled buying activity.&nbsp;
It appears that <a href="https://cointelegraph.com/news/gamestop-crypto-memecoin-rally-can-history-repeat-itself">the sudden, unexpected return of Keith Gill</a>&nbsp;— the trader widely credited with kicking off the 2021 Reddit-infused GameStop short squeeze — has led to yet another short squeeze of GameStop shares&nbsp;among enthusiastic investors. In the 24 hours following Gill’s return to X, shares of GameStop rallied as much as 111% in price.
It’s not just average day-to-day traders who are benefitting from the market euphoria.&nbsp;
Ryan Cohen — GameStop’s CEO, chairman and largest individual shareholder with a 12% stake —&nbsp;<a href="https://twitter.com/TrackInsiders_/status/1790375315316855039" target="_blank" rel="noopener nofollow">reportedly</a>&nbsp;holds $1 billion of unrealized capital gains that arose from the ongoing short squeeze.&nbsp;
The memecoin hysteria has gripped much of the crypto industry this year.&nbsp;
On May 13, the unofficial Pepe the Frog memecoin Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>), minted on Ethereum, rallied over 34% in a single day to set a <a href="https://cointelegraph.com/news/pepe-hits-all-time-high-memecoins-soar-after-famous-gamestop-stock-trader-returns">new record high</a> of $0.00001119 on Binance.&nbsp;
On March 22, the price of Solana memecoin Dogwifhat (WIF) hit a record high following its $700,000&nbsp;<a href="https://cointelegraph.com/news/dogwifhat-price-hits-record-high-las-vegas-sphere-crowdfund">Vegas Sphere fundraiser</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.&nbsp;
On April 3, a trader reportedly turned $13,000 into $2 million within several hours by purchasing Bitget Wallet’s Donotfomoew (MOEW) memecoin, deployed on the Base blockchain,&nbsp;<a href="https://cointelegraph.com/news/trader-turns-13k-2-million-within-1-hour-memecoin-frenzy">shortly after its launch</a> and selling their positions after MOEW picked up traction.&nbsp;
The apparent recklessness of investors gambling on memecoins has attracted warnings from experts.&nbsp;
In a statement on April 24, prominent decentralized finance sleuth ZachXBT wrote that 12 Solana memecoins allegedly <a href="https://cointelegraph.com/news/12-solana-presale-memecoins-abandoned-after-one-month">raised a combined $26.7 million</a> 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.
Related:&nbsp;<a href="https://cointelegraph.com/news/memecoins-rally-bitcoin-recovers-all-time-high">Memecoins rally as Bitcoin recovers to all-time high</a>

Unofficial GameStop memecoin surpasses $100M in market cap

Cointelegraph

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