{"id":78772,"date":"2024-05-14T03:23:57","date_gmt":"2024-05-14T07:23:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=78772"},"modified":"2024-05-14T03:25:27","modified_gmt":"2024-05-14T07:25:27","slug":"meme-coin-craze-sparks-5-billion-surge-post-gamestop-rally","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/meme-coin-craze-sparks-5-billion-surge-post-gamestop-rally\/","title":{"rendered":"Meme Coin Craze Sparks $5 Billion Surge Post GameStop Rally"},"content":{"rendered":"\n

Shortly after the GameStop stock boom on Wall Street, the entire meme coin industry<\/a> had a 34% increase in daily trading activity, increasing $5 billion in investors' wealth.<\/p>\n\n\n\n

\"Meme<\/figure>\n\n\n\n

GameStop Corp (NYSE: GME) is back in action, causing a significant frenzy on Wall Street. <\/p>\n\n\n\n

The GameStop (GME) stock price\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> increased by a substantial 75% on Monday, May 13, reaching $30.45. In the aftermarket, the GME stock price surged an additional 21%.\u00a0<\/p>\n\n\n\n

Notably, within the past 24 hours, the GameStop (GME) meme coin has appreciated by an astounding 2200 percent.\u00a0<\/p>\n\n\n\n

Moreover, this has prompted a robust upswing throughout the meme coin industry.<\/p>\n\n\n\n

GameStop Rally Triggers 2021-Like Meme Coin Party<\/h2>\n\n\n\n

According to\u00a0Santiment, an on-chain data provider, the meme coin market experienced a noteworthy beginning of the week consisting of breakouts and decouplings within the last twenty-four hours.\u00a0<\/p>\n\n\n\n

The trading volumes of the top 50 assets in the meme coin sector increased by more than 34%. <\/p>\n\n\n\n

Moreover, in the past 24 hours, this sector has contributed $5 billion to the fortune of investors. The value of dogecoin (DOGE) has increased by 10%.<\/p>\n\n\n\n

Presently, cryptocurrencies such as $ANALOS, $PEPE<\/a>, $MAGA, $MOG, $BITCOIN, $PONKE, and $PEPE2.0 are generating substantial interest and offer the possibility of significant volatility.\u00a0<\/p>\n\n\n\n

These occurrences underscore the ever-changing characteristics of the memecoin market, which motivates investors to maintain vigilant oversight of these assets.<\/p>\n\n\n\n

\"\"
Courtesy:\u00a0Santiment<\/figcaption><\/figure>\n\n\n\n

Short Seller Losses Cross $1 Billion<\/h2>\n\n\n\n

Keith Gill and other Reddit traders orchestrated an extraordinary reversal of fortune for hedge funds profiting from short positions on a brick-and-mortar game store that they perceived to be ailing during the pandemic of 2021. <\/p>\n\n\n\n

In less than a month, this unanticipated surge in support caused the price of GME to increase by more than 1,000%.<\/p>\n\n\n\n

The extraordinary increase in the price of GameStop's shares on Monday caused short sellers to incur losses of nearly $1 billion, according to data from S3 Partners.<\/p>\n\n\n\n

According to data provided by S3 Partners, hedge funds engaged in short selling experienced a mark-to-market loss of $838 million in the physical video game retailer GameStop during its 74% surge.<\/p>\n\n\n\n

The sudden increase in the stock price looked to be caused by “Roaring Kitty,” who had previously inspired a legion of day traders to buy in the gaming stock in 2021, a historic event in Wall Street history. <\/p>\n\n\n\n

Ihor Dusaniwsky, S3 managing director of predictive analytics, said: “Expect short covering in this stock as it already had a 100\/100 squeeze score prior to today's trading”.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shortly after the GameStop stock boom on Wall Street, the entire meme coin industry had a 34% increase in daily trading activity, increasing $5 billion in investors’ wealth. GameStop Corp (NYSE: GME) is back in action, causing a significant frenzy on Wall Street.  The GameStop (GME) stock price increased by a substantial 75% on Monday, […]<\/p>\n","protected":false},"author":56,"featured_media":78775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,81],"tags":[19537,19538,19539],"class_list":["post-78772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-altcoin-news","tag-gamestop-gme","tag-gamestop-rally","tag-gamestop-stock"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/Meme-Coin-Craze-Sparks-5-Billion-Surge-Post-GameStop-Rally.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=78772"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/78775"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=78772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=78772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=78772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}