The GME memecoin, which borrows GameStop's stock ticker but has no official affiliation, traded more than 460% higher on Tuesday.
The GME memecoin, which borrows GameStop's stock ticker but has no official affiliation with the company, traded more than 460% higher on Tuesday, according to Coingecko data.
The memecoin's significant gains come after GameStop stock posted a triple-digit rally after Keith Gill’s @TheRoaringKitty posted on X for the first time in nearly three years. Gill and the subreddit WallStreetBets were at the center of the 2021 meme stock frenzy. "While the general market continues to drift off into the summer, GME has emerged after a long slumber, pumping 80+% yesterday off the back of Roaring Kitty's tweet," QCP Capital analysts said.In equity markets, shares of GameStop and AMC are on track to extend the previous day's big gains. On the New York Stock Exchange, shares of the video game retailer were set to open 120% higher, while those of the movie theater chain rose by 100%, according to TradingView data.
Other so-called "meme stocks" were also poised to open sharply higher on Tuesday, signaling that the pandemic-era meme stock frenzy could be returning. The GMCI Meme Index, which tracks the largest memecoins by market cap, was up 7.65% at 308.52 at publication time.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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