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GameStop Rally Sparks Meme Coin Party, Adding $5B to Index

GameStop Rally Sparks Meme Coin Party, Adding $5B to Index

The return of GameStop Corp (NYSE: GME) to the market has created a significant fervour on Wall Street. GameStop (GME) saw a robust 75% price rally on Monday, May 13, reaching $30.45. The GME stock price then surged an additional 21% during aftermarket hours. It’s interesting to note that in the past day, the GameStop (GME) meme coin has increased in value by an astounding 2200%. Additionally, this has caused a robust rally in the meme coin market.

GameStop Rally Causes A Meme Coin Party Similar to 2021

Santiment, an on-chain data source, reports that the meme coin market had an eye-catching start to the week, with some noteworthy breakouts and decouplings during the last day. In the meme coin market, trading volumes among the top 50 assets increased by more than 34%. Moreover, just one industry has raised investors’ worth by $5 billion in the past day. Dogecoin’s (DOGE) value has increased by 10%.

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These days, many people are interested in coins like $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS, which could see a lot of volatility. These changes demonstrate how dynamic the memecoin market is, and they should cause investors to monitor these assets closely.

Courtesy: Santiment

Losses for Short Sellers Exceed $1 Billion.

Under Keith Gill’s leadership, Reddit traders pulled off an incredible comeback against hedge funds during the 2021 pandemic. The hedge funds had been making money on short positions in what they believed to be a faltering physical gaming store. In less than a month, the price of GME soared by almost 1,000% due to this unanticipated outpouring of support.

S3 Partners data shows that short sellers suffered losses of around $1 billion due to Monday’s spectacular spike in GameStop’s stock price.

According to statistics from S3 Partners, hedge funds that engaged in short selling at GameStop, suffered a mark-to-market loss of $838 million as the physical video game store saw a 74% increase in sales.

“Roaring Kitty,” who 2021 inspired a horde of day traders to purchase the gaming stock, is credited with sparking the sudden spike in the stock price, which will go down in Wall Street history. The managing director of predictive analytics at S3, Ihor Dusaniwsky, stated: “This stock is likely to see short covering as it had a 100/100 squeeze score before today’s trading.”

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