A memecoin inspired by GameStop Corp. GME surged to impressive triple-digit increases on Tuesday after the video game retailer decided to adopt Bitcoin BTC/USD as part of its treasury reserves.
What occurred: The GameStop Coin (GME), based on the BNB Chain BNB/USD, witnessed an extraordinary 467% rise in the past 24 hours, significantly outperforming established cryptocurrencies like Bitcoin and Dogecoin DOGE/USD.
This recent surge has pushed the coin’s monthly returns to an impressive 422781.61%. However, a brief examination of its price trend shows spikes followed by steep declines, revealing its speculative characteristics.
It’s important to mention that this cryptocurrency has no affiliation with GameStop and aims to leverage the excitement surrounding the meme stock.
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Significance: The surge followed an announcement from the company’s board, unanimously approving a revision to its investment policies to incorporate Bitcoin, the largest cryptocurrency by market cap, into its reserves.
This decision came after weeks of rumors regarding GameStop’s potential investment into Bitcoin. Last month, the company’s CEO, Ryan Cohen, shared a photo with Michael Saylor, the founder of the leading Bitcoin Treasury firm, Strategy.
The firm disclosed its fourth-quarter earnings after the market closed on Tuesday, reporting adjusted earnings of 30 cents per share, exceeding analyst projections of eight cents. However, it reported a fourth-quarter revenue of $1.283 billion, falling short of the consensus estimate of $1.48 billion.
Price Movement: As of the latest update, GME was being traded at $0.001858, reflecting a 467% increase over the past 24 hours, according to CoinMarketCap.
GME shares climbed by 8.27% in after-hours trading, after finishing 0.82% lower at $25.40 during the regular trading session on Tuesday, based on information from Benzinga Pro.
GME displayed strong momentum—a metric that assesses a stock’s relative strength based on its price trends and volatility—as of this moment. Benzinga’s Edge Rankings could assist you in identifying stocks with heightened momentum.
Benzinga Warning: Engaging in meme coins and cryptocurrencies carries a high level of speculation and risk. Meme coins typically lack inherent value and are influenced by market sentiment, social media trends, and speculative trading.
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