GameStop-Themed Crypto Surges Nearly 40% As Bitcoin Highs Fuel Frenzy

Memecoins inspired by GameStop Corp. (NYSE:GME) popped Thursday as Bitcoin's (CRYPTO: BTC) record-breaking rally energized the cryptocurrency market.

What happened: Ethereum (CRYPTO: ETH)-based GameStop (GME) was up nearly 40% in the last 24 hours, hitting a more than three-week high, according to CoinMarketCap.

The coin's market capitalization exceeded $27 million, while the 24-hour trading volume spiked 65% to $1.5 million.

Notably, a BNB Chain (CRYPTO: BNB)-based token, having the same name but a much larger market capitalization, rose exponentially only to lose 86% of its value overnight. As of this writing, it was down 62% in the last 24 hours.

Note that the token is unrelated to GameStop and merely seeks to capitalize on the hype surrounding the meme stock.

That said, there appeared to be little development on the company’s side to support such a rally. In fact, the coin may have surged due to broader meme-driven speculation and optimism following Bitcoin’s move past $116,000.

See Also: Crypto Users Prioritize Investment, Education Over Consumption, Nexo Report Finds

Price Action:  Shares of GME were up 0.56% in after-hours trading after closing 0.39% lower at $23.10 during Thursday’s regular trading session, according to data from Benzinga Pro. 

GME demonstrated a very high Growth score as of this writing. But does it rank among the top ten stocks for Growth? Visit Benzinga Edge Stock Rankings to find out.

Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading.

Photo Courtesy: CHOKCHAI POOMICHAIYA on Shutterstock.com

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