In the wake of GameStop’s latest surge, the meme coin market has experienced a significant boost. On Monday, May 13, GameStop’s stock price soared by 75% to $30.45, with an additional 21% increase in aftermarket trading. This explosive rise also triggered a 2200% rally in the GameStop meme coin over 24 hours, leading to a wider market rally.
GameStop Surge Sparks Market Rally
This rally mirrors the 2021 phenomenon when Reddit traders, led by Keith Gill, drove GameStop’s stock price up over 1,000% in a month. This recent surge caused hedge funds engaged in short selling to incur nearly $1 billion in losses, as reported by S3 Partners.
According to on-chain data from Santiment, the meme coin sector saw a 34% increase in daily trading volume, adding $5 billion to investors’ wealth. Notably, the top 50 assets leveraged this rally, and the dogecoin (DOGE) price alone surged by 10%. Other coins like $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS are also gaining traction, showcasing the sector’s dynamic and volatile nature.
Top Gainers
The GameStop rally has significantly increased social media activity surrounding meme coins. FLOKI, for instance, saw a 145% surge in social interest. Other meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, WIF, and BONK also experienced notable gains in both social volume and trading prices.
PEPE set a new all-time high at $0.00001023, with a 17.1% price increase. DOGE, SHIB, WIF, FLOKI, and BONK recorded gains of 6.7%, 5.3%, 3.8%, 8.8%, and 4.1%, respectively. Trading volumes for these tokens increased by more than 200%, with SHIB and FLOKI seeing over 400% rises.
Political and Market Implications
With the effect of the news, the political meme coin also MAGA (TRUMP) surged by 22.8%, potentially benefiting Donald Trump, whose Ethereum wallet reportedly holds nearly $5 million worth of TRUMP tokens. Overall, the meme coin category rose by nearly 6% in the last 24 hours.
Future Outlook
Moreover, the current trend changed after Keith Gill, also known as Roaring Kitty, started posting cryptic messages on X. This hint at further moves to boost GameStop stock, which could continue driving meme coin gains, has investors closely monitoring these developments for opportunities in the volatile meme coin market.
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