Memecoins
GameStop (GME) Stock Price Rises 19% Pre-Market, Will Meme Coins Echo the Rally?
Following GameStop’s (GME) recent stock price collapse and the company’s announcement to sell a large portion of its shares, meme stocks have once again defied expectations with a significant price increase. This unpredictable turn of events has not only attracted significant attention in the trading landscape, but also raised inferences about its potential impact on other meme-based investment products.
Interestingly, the surge in GME stock price has coincided with a similar uptrend in prominent meme coins in the cryptocurrency realm when looking at hourly charts. This parallel movement, news of a 23% price rally in GME and meme coins gaining upward momentum, has sparked global interest, as a meme coin frenzy was also triggered earlier this month , mainly in line with The unexpected relaunch of GME.
What is fueling the GME price rally?
An intriguing event that happened in the last few days, as also highlighted by Bloomberg Global Markets & Economics correspondent Walter, seems to have mainly helped GameStop’s price rally. After completing the company’s plan to sell $933 million worth of its shares, GME rallied nearly 23% according to premarket data. This significant price increase has taken investors by storm.
CoinGape Media reported this earlier this month GameStop moved forward with plans to sell 45 million shares by entering into an open market sales pact with Jefferies LLC. Furthermore, upon closer analysis, it was discovered that, according to the US SEC Form 8-K, dated May 24, GameStop Corp. (the “Company) announced that it has sold “45,000,000 shares of registered common stock under the At-the-market (ATM) program for aggregate gross proceeds (before commissions and offering expenses) of approximately 933, 4 million dollars.”
Following this news, today marks a monumental day for GME as its price increased by 23.11%. According to NASDAQ data, the Pre-market GME stock price it was $23.39.
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Meme coins to reflect optimism?
Meanwhile, the meme coin sector has witnessed notable price increases in tandem with news of GME price recovery emerging in the markets. Although 24-hour gains remain negative for the top 3 meme cryptocurrencies by market cap, hourly charts show significant upside momentum for a meme coin stock.
In particular, Dogecoin (DOGE) recorded a price increase of 0.85% in the past hour to $0.1665. Shiba Inu (SHIB) rose 1.49% in the past hour to $0.00002528. Pepe coin rose 2.37% over the same period to $0.00001676.
Furthermore, prices of WIF, FLOKI and BONK increased by 3-5% on the hourly charts. The emergence of this price pump, coming alongside GameStop’s stock price rally, has attracted global attention.
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