GameStop Memecoin Up 330%: '$GME (The S--tcoin) Could Flip Actual Gamestop (The Stock),' Crypto Researcher Says

The GameStop "meme stock frenzy" has turned into the "meme coin frenzy."

What Happened: The $GME-tickered meme coin is up 330% over the past 24 hours.

At the time of writing, $GME is setting a preliminary all-time high of over $40 million in market capitalization. 

The surge is fueled by an — even by meme coin standards — impressive surge in interest on social media.

The $GME ticker is trending on X (formerly Twitter), with 54,800 posts in the last 24 hours.

The token has flipped the eponymous stock in trading volume, with $22.3 million traded over the past 24 hours, according to DexScreener. It also spawned a new social media profile, as the previous profile had been banned over the weekend. The profile has already amassed over 2,500 followers.

Why It Matters: Jack Niewold, founder of crypto-native research firm Crypto Pragmatist, wondered what GameStop's ceiling is:

He went on to say that Solana's SOL/USD $GME had already beaten out its Ethereum-based copycats. If, in Niewold's words a "BIG IF," it can get to $200 million in market capitalization, it has a shot at "flipping" the stock. "$200m and then we can talk," Niewold writes.

Smaller traders are less hesitant about the meme coin's prospects.

One trader said "$GME is a Once in a Cycle/Lifetime coin that comes around and you tell yourself you'll buy the dip.." while referring to the token's community-based roots in another tweet: "$GME is THE make it play. There are no influencers holding 20% of the supply."

Previous meme coin runs on Solana have included Dogwifhat shooting over $400 million and Bonk BONK/USD cracking the $1 billion mark.

What's Next: Whether GameStop can steal the title as "Dogecoin DOGE/USD killer" is up for discussion. But it has definitely stolen the limelight from retail investors on social media.

Read Also: 'Crypto Assets Are Grotesquely Overvalued:' This Ethereum Fan Calls The Market An 'Unhinged Casino'