With the recent rise of GameStop stock, meme coin market has recorded a significant increase. On Monday, May 13, GameStop’s stock price rose 75% to $30.45 and rose another 21% in after-market trading. This explosive rise also triggered a 2200% rally in the GameStop meme coin in 24 hours, sparking a broader market rally.
GameStop Surge Sparks Meme Coin Rally
The rally is very similar to the phenomenon in 2021, when Reddit traders led by Keith Gill increased GameStop’s stock price by over 1,000% in a month. As reported by S3 Partners, this latest surge caused short-selling hedge funds to lose nearly $1 billion.
Santiment’s data according to, the meme coin market recorded a 34% increase in daily trading volume, raising $5 billion. In particular, the top 50 assets benefited from this rally. For example, while Dogecoin increased by 10%, other coins such as PEPE, MAGA, MOG, BITCOIN, PONKE, PEPE2.0, SPX and ANALOS also managed to benefit from this fluctuation.
The GameStop rally has also seen social media activity surrounding meme coins increase significantly. FLOKI, for example, saw a 145% increase in social engagement. Other meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, WIF, and BONK also experienced significant increases in both social volume and transaction prices.
PEPE reached an all-time high of $0.00001023, a price increase of 17.1%. DOGE, SHIB, WIF, FLOKI and BONK recorded gains of 6.7%, 5.3%, 3.8%, 8.8% and 4.1% respectively. Trading volumes for these tokens increased by more than 200%, while SHIB and FLOKI rose by over 400%.
Driven by the news, the politically themed meme coin de MAGA (TRUMP) surged 22.8%, potentially benefiting Donald Trump, who reportedly has around $5 million worth of TRUMP tokens in his Ethereum wallet. Overall, the breast category is up about 6% in the last 24 hours.
Moreover, the current trend changed after Keith Gill, also known as Roaring Kitty, started posting cryptic messages on X. This hint of further moves to boost GameStop shares could continue to fuel the meme coin’s gains has investors keeping a close eye on these developments for opportunities in the volatile market.
