GameStopThe recent huge decline in the stock price of (GME) has become a hot topic. After the company announced a major share sale, this so-called “meme stock” once again shattered expectations and experienced a significant price increase. While this unexpected development attracted great attention in the trading world, it also led to various comments on its potential impact on other “meme”-based investment products.
Interestingly, this increase in GME’s share price has led to the crypto world’s leading price on the hourly charts. meme coinIt coincided with a similar upward trend in . GME’s 19% price increase and the upward momentum in meme coins aroused great interest on a global scale. A meme coin craze, which started with GME’s unexpected recovery earlier this month, is also notable.
What Triggered GME’s Price Increase?
An interesting event that occurred in the last few days greatly supported GameStop’s price increase, as Bloomberg Global Markets & Economics Correspondent Walter noted. GME rose nearly 19%, according to preliminary market data, after the company completed plans to sell shares worth $933 million. This significant price increase shocked investors.
GameStop has moved forward with plans to sell 45 million shares through an open market sale agreement with Jefferies LLC, CoinGape Media reported earlier this month. Additionally, according to the US SEC’s Form 8-K filing dated May 24, GameStop Corp. (The Company) announced that it sold “45,000,000 shares of common stock for gross proceeds (before commissions and offering expenses) of approximately $933.4 million” under the ATM (At-the-market) Program.
Following this event, today was a big day for GME as its price increased by 19%. According to NASDAQ data, the pre-market share price rose 19% to $22.61.
Will the Meme Coin Market Reflect This Optimism?
Meanwhile, the meme coin industry also experienced significant price increases as the news of GME’s price increase hit the markets. Although the 24-hour gains in market cap of the top 3 meme coins remained negative, hourly charts showed significant upward momentum for many meme coins.
Notably, Dogecoin (DOGE) rose by 0.85% to $0.1665 in the last hour. Shiba Inu (SHIB) rose 1.49% to $0.00002528 in the same time frame. Pepe coin increased by 2.37% to $ 0.00001676.
Additionally, WIF, FLOKI and BONK prices increased by 3-5% on hourly charts. The fact that this price increase occurred together with the increase in GameStop’s share price attracted great attention on a global scale.
