GameStop-Inspired Memecoin Surpasses $100M Market Cap Amidst Trading Frenzy

The surge of the unofficial Solana memecoin inspired by GameStop, known as GME, has indeed caused quite a stir, with its market capitalization surpassing $100 million. As of May 14th, the memecoin has seen an impressive 2,291% return within just one week, currently trading at $0.01449. This dramatic rise can be attributed partly to the increased interest in GameStop Corp's shares, which surged by 228% over the past five trading days. Additionally, GME's listing on centralised exchanges like Bitget and BingX has fueled further buying activity. The recent resurgence of Keith Gill, also known as "Roaring Kitty," a key figure in the Reddit-fueled GameStop short squeeze of 2021, has contributed to another surge in GameStop shares, rising by as much as 111% within 24 hours of his return. GameStop's CEO, Ryan Cohen, who holds a significant stake in the company, reportedly stands to gain $1 billion in unrealized capital gains from the ongoing short squeeze. While the memecoin frenzy has captivated the crypto industry, experts have warned against the risks involved in investing in such speculative assets.