In the aftermath of GameStop’s (GME) recent stock price crash and the company’s announcement to sell a large portion of its shares, the meme stock has once again defied expectations with a significant price surge. This unpredictable turn of events has not only attracted significant attention across the trading landscape but also raised inferences about
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In the aftermath of GameStop’s (GME) recent stock price crash and the company’s announcement to sell a large portion of its shares, the meme stock has once again defied expectations with a significant price surge. This unpredictable turn of events has not only attracted significant attention across the trading landscape but also raised inferences about its potential impact on other meme-based investment products.
Intriguingly, the surge in GME’s stock price coincided with a similar upward trend in prominent meme coins within the crypto realm when looking at the hourly time frame charts. This parallel movement, the news of a 19% price rally in GME and meme coins gaining upward momentum, has sparked global interest, as a meme coins frenzy was also triggered earlier this month, primarily in line with GME’s unexpected revival.
What’s Fueling GME’s Price Rally?
An intriguing event that unfolded in the past few days, as also spotlighted by Bloomberg Global Markets & Economics Correspondent Walter, appears to have primarily aided GameStop’s price rally. On completion of the firm’s plans to sell $933 million worth of its shares, GME rallied nearly 19% per pre-market data. This significant price surge has taken investors by storm.
CoinGape Media reported earlier this month that GameStop forged ahead with plans to sell 45 million of its shares by entering into an open market sale pact with Jefferies LLC. Moreover, upon closely looking, it was found that as per U.S. SEC’s Form 8-K, dated May 24, GameStop Corp. (the “Company) announced that it sold “45,000,000 shares of its common stock registered under the ATM (At-the-market) Program for aggregate gross proceeds (before commissions and offering expenses) of approximately $933.4 million.”
Following this chronicle, today marks a monumental day for GME as its price rallied 19%. Per NASDAQ’s data, the pre-market stock price was $22.61, a 19% upswing.
Also Read: Bitcoin Price: Top Analyst Expects Surge To $71K, Slashes Mt. Gox Selloff Concerns
Meme Coins To Mirror Optimism?
Meanwhile, the meme coin sector has witnessed notable price surges in tandem with GME’s price upswing news surfacing within markets. Although the 24-hour gains remain negative for the top 3 meme cryptos by market cap, the hourly time frame charts show a significant upside momentum for a stockpile of meme coins.
Notably, Dogecoin (DOGE) experienced a 0.85% price upswing over the past hour to $0.1665. Shiba Inu (SHIB) surged 1.49% over the past hour to $0.00002528. Pepe coin surged 2.37% during the same time period to $0.00001676.
Additionally, WIF, FLOKI, and BONK prices surged 3-5% within hourly time frame charts. The emergence of this price pump, coming side by side to GameStop’s stock price rally, has nabbed global attention.
Also Read: Ethereum Exchange Deposits Reach The Highest Since January, ETH Price Drop Soon?
The post GameStop (GME) Stock Price Rises 19% Pre-Market, Meme Coins To Echo Rally? appeared first on CoinGape.
