Home Meme Coin Season Begins as GameStop Skyrockets, Adding $5 Billion to Index
Crypto News

Meme Coin Season Begins as GameStop Skyrockets, Adding $5 Billion to Index

Rida Fatima Crypto/Tech Content Writer Author expertise
Disclosure
Disclosure
In our content, we occasionally include affiliate links. Should you click on these links, we may earn a commission, though this incurs no additional cost to you. Your use of this website signifies your acceptance of our terms and conditions as well as our privacy policy.

The meme coin sector went abuzz shortly after Wall Street’s GameStop rally. Daily trading volume in the meme coin market surged 34%, adding $5 billion in gains across investor portfolios.

On Monday, May 13, GameStop’s (GME) price spiked by 75%, hitting $30.45, with the stock price surging 21% in after-hours trading. This remarkable surge has triggered a bullish recovery for meme coins this week.

GameStop Rally Ignites Meme Coin Market Frenzy 

Keith Grill, a famous investor and financial analyst known for his GameStop analysis, which resulted in substantial gains, might be connected to the ongoing frenzy. His analysis, posted under the username Roaring Kitty, drove the 2021 GameStop short squeeze that triggered a massive frenzy for retail stocks.

Grill’s May 13 X post, featuring a simple meme showing a moment of concentration, was interpreted as a sign to concentrate on trading. This excited market participants, triggering a dramatic surge in GME stock.

Shortly after the GME stock rally, the meme coin GameStop (GME) soared, sending a ripple effect across the meme coin market this week. Santiment data revealed that GME surged over 1300% on May 13. RoaringKitty (ROAR), another meme coin, recorded a 4,100% in just 24 hours.

The rally has continued today, with GME tokens surging 350% in the past 24 hours, with a 2,880% price increase in the past month. Trade volumes across the top 50 meme coins rallied over 34%, with Dogecoin gaining 10% on its price. This significant boost added $5 billion in profit for investors. 

Interestingly, the rally also rubbed off on coins like PEPE, MAGA, MOG, and SPX. In the last 24 hours, PEPE has recorded an over 26% gain, Mog Coin (MOG) gained over 27%, and MAGA gained more than 9%.

While GameStop surged by 74%, hedge funds in short trades faced losses of approximately $838 million. Monday’s massive price surge resulted in losses close to $1 billion for traders in short positions.

PEPE Hits New All-Time High As Meme Coins Rally

The positive market sentiment for meme coins propelled PEPE to a new all-time high of $0.00001094 today, May 14. Pepe’s recent rally can also be attributed to the rising interest in the coin among Smart Money Traders.

On-chain data revealed that these smart money addresses moved nearly 250.5 billion PEPE tokens during the bullish phase. 

Data from the analytical platform Lookonchain reveals that a mart money address withdrew 406.74 million PEPE tokens from Binance on May 13. This trader had previously made $3.72 million of the PEPE tokens.

Meanwhile, as of  6:14 a.m. EST, PEPE trades at $0.00001064, with a 19.9% increase in the past 24 hours. It traded at a 24-hour low of $0.00000831 and a high of $0.00001028, deleting one zero from its price.

While this marks a remarkable achievement for PEPE, there are concerns about whether it can maintain its new high.

Currently, the buying pressure on PEPE is massive, with its 24-hour trading volume rising by 280.38% to $2.11 billion. In addition, data from Coinglass reveals that the open interest for PEPE has increased by 14.92% to $107.51 million.

PEPE derivatives volume has increased by 235.45% to $2.12 billion, indicating high investor optimism. However, the asset is already in the overbought zone and will likely retrace to a period of consolidation in the coming days.

🔎Looking for the next 10X crypto?
Check out the most popular presales right now

The Tech Report - Editorial ProcessOur Editorial Process

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post your Question

Leave a Reply

Write a Review

Your email address will not be published. Required fields are marked *

Rida Fatima Crypto/Tech Content Writer

Rida Fatima Crypto/Tech Content Writer

Rida is a Tech freelancer and she’s a technology and cryptocurrency geek but also writes intuitive articles on other topics. Rida's motto is ‘‘Research Deeply, Test Thoroughly, and Write Simply.

Latest News

Crypto News

Crypto Expert Predicts Dogecoin ETF is Next After SEC Ethereum ETF Approval

FCC to Introduce a New Law That Will Require Disclosures for AI Used in Political Ads
News

FCC to Introduce a New Law That Will Require Disclosures for AI Used in Political Ads

The Federal Communications Commission (FCC) announced that it’s planning to introduce a new set of rules that will require political ads to include disclaimers if they’ve been created with the...

350,000 Ethereum (ETH) Options with $3,200 Max Pain Point to Expire Today
Crypto News

350,000 Ethereum (ETH) Options with $3,200 Max Pain Point to Expire Today

Given Ethereum’s ongoing price trajectory, the approval of spot Ethereum ETFs in the US Yesterday, May 23, seems like a buy-the-rumor, sell-the-news scenario. With Ethereum down over 4%, approximately 350,000...

Japanese Investment Firm Sees Massive Jump After Embracing Bitcoin
Crypto News

Japanese Investment Firm Sees Massive Jump After Embracing Bitcoin

Detained Binance Executive Collapses During Money Laundering Trial in Nigeria
Crypto News

Detained Binance Executive Collapses During Money Laundering Trial in Nigeria

Bitcoin (BTC) Plummets After Testing $71,500 – Is it the End of the Bullish Ride?
Crypto News

Bitcoin (BTC) Plummets After Testing $71,500 – Is it the End of the Bullish Ride?

highest-paid college football coaches
Statistics

Top 10 Highest Paid College Football Coaches in 2023-24