GameStop Memecoin Up 330%: '$GME (The S--tcoin) Could Flip Actual Gamestop (The Stock),' Crypto Researcher Says
Portfolio Pulse from Ivan Crnogatić
The meme coin with the ticker $GME has seen a 330% increase in value over the past 24 hours, surpassing $40 million in market capitalization. This surge in the cryptocurrency has been accompanied by a significant rise in social media interest, particularly on the platform formerly known as Twitter, where the $GME ticker has been trending. The trading volume of the meme coin has exceeded that of GameStop's stock, with $22.3 million traded in the last day. Crypto researcher Jack Niewold speculates that the market cap of the meme coin could potentially surpass that of GameStop's stock.
January 30, 2024 | 9:34 pm
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NEUTRAL IMPACT
GameStop's stock may experience increased volatility and investor attention due to the surge in the associated meme coin, which has seen a 330% increase and a higher trading volume than the stock itself.
While the meme coin's performance does not directly affect GameStop's fundamentals, the increased attention and potential confusion between the stock and the coin could lead to short-term trading volatility. However, the long-term impact on the stock is uncertain and likely minimal as the coin's market cap remains significantly lower than GameStop's.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70