The ongoing GameStop shares rally that jump-started Monday has influenced the digital asset sector, with a meme coin surge for assets like PEPE, Floki, and more. Indeed, the video game retailer saw its stock surprisingly skyrocket by more than 110% yesterday. Those gains have only increased today.
Moreover, the GameStop movement of 2021 has returned in a sense this week. Specifically, the man who ignited the campaign against short sellers, Roaring Kitty, has returned, with Keith Gill making his first post to X (formerly Twitter) since 2021.
Also Read: Pepe Passes Solana & DOGE in Daily Volume Amid ATH Rally
GameStop Rally Fueling Meme Coins
The GameStop stock surge of 2021 will forever be one of the finance sector’s most outlandish stories. In a true depiction of consumer power, normal traders bought the retail chain’s stock in an effort to punish short sellers. It worked and resulted in a movement that was almost stranger than fiction.
That has not fed into the digital asset market, as the ongoing GameStop stock surge has fueled a meme coin rally for Pepe, Floki, and many others. Specifically, Pepe has seen its value rise to an all-time high, increasing more than 29% over the last week, according to CoinMarketCap.
Also Read: GameStop Shockingly Surges 110% as Roaring Kitty Returns
Moreover, that surge has already seen the meme coin offering increase ahead of both Solana (SOL) and meme coin leader Dogecoin (DOGE) in daily trading volume. However, it has not been the only asset that has benefited from the ongoing attention being placed on the meme coin sector.
Indeed, daily price surges are taking place across the board. Floki Inu has increased more than 3% over the last day, with the last week extending those gains. Additionally, tokens like Mog Coin (MOG) and APU have surged by 6% and 11%, respectively.
There is no telling what will come of the renewed GameStop interest. However, the meme stock craze that also impacted AMC theaters in a similar situation will no doubt file into the same kind of sentiment for the digital asset market. Subsequently, watching how these meme coins respond will be immensely interesting for the sector as a whole.