Memecoins
GameStop’s 75% surge ignites Memecoin rally
In the wake of the latest GameStop surge, the meme coin market has seen a notable boost. GameStop share price on Monday 13 May skyrocketed by 75% to $30.45, with a further 21% increase in aftermarket trading. This explosive rise also triggered a 2200% rally in the GameStop meme coin in the span of 24 hours, leading to a broader market rally.
GameStop Surge triggers market rally
This rally mirrors the phenomenon of 2021, when Reddit traders, led by Keith Gill, drove GameStop’s stock price up more than 1,000% in a month. This recent surge has caused hedge funds engaging in short selling to lose nearly $1 billion, as reported by S3 Partners.
Second on-chain data Since Santiment, the meme coin sector has seen a 34% increase in daily trading volume, adding $5 billion to investors’ wealth. Notably, the top 50 assets capitalized on this rally and the price of dogecoin (DOGE) alone increased by 10%. Other coins such as $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX and $ANALOS are also gaining traction, demonstrating the dynamic and volatile nature of the sector.
Top winners
The GameStop rally significantly increased social media activity related to meme coins. FLOKI, for example, has seen a 145% increase in social interest. Other meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, WIF, and BONK have also seen notable gains in both social volume and trading prices.
PEPE set a new all-time high at $0.00001023, with a price increase of 17.1%. DOGE, SHIB, WIF, FLOKI, and BONK posted gains of 6.7%, 5.3%, 3.8%, 8.8%, and 4.1%, respectively. Trading volumes of these tokens increased by more than 200%, with SHIB and FLOKI recording increases of more than 400%.
Political and market implications
As the news took effect, political meme coin MAGA (TRUMP) also surged 22.8%, potentially benefiting Donald Trump, whose Ethereum wallet reportedly holds nearly $5 million worth of TRUMP tokens. Overall, the meme coin category is up nearly 6% in the past 24 hours.
Future perspectives
Furthermore, the current trend changed after Keith Gill, also known as Roaring Kitty, started posting cryptic posts messages on